The Reserve Bank of Australia has just cut the official cash rate by 25bp to 3.00%, the lowest level in 49 years. The departure from keeping interest rates on hold as in March may signal to the market that the RBA is growing more concerned about the Australian economic outlook.
The AUD/USD is currently trading lower at 0.7080 from 0.7090/95 before the release and a low of 0.7041 immediately after the announcement.
