Aussie demand surges following recent RBA rate cut

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Debbie Connelly, Westpac

An unexpected decision by the Reserve Bank of Australia (RBA) to cut interest rates by 50 basis points on May 1 appears to have led to a surge of interest in the previously range-bound Australian dollar, which depreciated sharply to a year-low in the wake of the decision.

The RBA decision was taken as a result of weaker-than-expected economic conditions in Australia, according to a statement by governor Glenn Stevens, which sent the Aussie dollar into free fall. Having traded as high as 1.08

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