The Reserve Bank of Australia cut rates today by 25 bp to 7%, as expected but a bit earlier than some had forecast. RBA Gov Stevens said overall economic slowdown should help inflation fall back to the desired 2-3% level from 4.5% today. The WSJ reports the move is the first cut since Dec 2001 and starts the unwinding of the twelve rate hikes that started in May 2002. Australia reports Q2 GDP tomorrow, probably 0.4% q/q and 2.9% y/y.
Pounds to Australian Dollar exchange rates 2.1300
bye for now
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