RBA cuts rates to 3.5%

by Joe Oliver, Forex Trading-Pips

Australia’s Reserve Bank cut its key benchmark interest rate by a quarter percentage point to 3.5% on Tuesday, the lowest level in over two years. The rate cut reflects weakness and ‘uncertainty’ in the broader global economy with Australia’s  key trading partner China showing slowing growth in recent months. Australia’s unemployment rate  is currently at a one-year low of 4.9 percent

In a statement the Reserve Bank of Australia (RBA) said the benign inflation outlook meant it could cut again.

 

AUD daily bars

AUD daily bars