Asian Session – RBA cuts rates by 0.25% but aussie bounces back; Oil struggles at $40
Posted on August 2, 2016 at 8:21 am GMTThe Reserve Bank of Australia cut interest rates to a new historic low of 1.50% today in a widely expected move. Weaker-than-expected inflation data out last week prompted the RBA to make its second 25bps reduction this year. In a possible sign of further cuts to come, RBA Governor Glenn Stevens said in his statement that the risk of the housing market being exacerbated by lower interest rates has diminished. The Australian dollar hit a one-week low of 0.7485 against [..]