Aussie demand surges following recent RBA rate cut

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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