RBA cuts rates on weak global growth outlook

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A moderation in the pace of global growth and an easing of inflationary pressures led the Reserve Bank of Australia (RBA) to cut its benchmark cash rate by a quarter of a percentage point to 4.5% on Tuesday, ending a tightening cycle that began in April 2009.

The Australian dollar fell 2% against the dollar following the decision, with the Australian currency trading at A$0.968 to the greenback at 2:30pm London time. It also lost 0.74% of its value against the euro and traded at A$1.323.

Glenn

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