Aussie stays lumped with euro despite decisive RBA

Proactive policy action by the Reserve Bank failed to give the Australian dollar much of a lift on Feb. 7, 2001 with the unit undermined against the U.S. dollar by weakness in the euro and flows towards the yen. The half point rate cut by the RBA had been widely expected and regarded as a positive step in retaining economic growth, but apart from one large buy order on the news, the Aussie was largely floundering below 55 U.S. cents for most of the day.

The RBA easing, its first rate change si