Aussie dollar gets destroyed after RBA cuts rates
The Reserve Bank of Australia just announced a 25 basis point interest rate cut and now the Aussie dollar is getting destroyed.
On Monday night, the RBA announced it would takes its main interest rate to 2.25% from 2.50%.
In its announcement, the RBA said, "The Australian dollar has declined noticeably against a rising US dollar over recent months, though less so against a basket of currencies. It remains above most estimates of its fundamental value, particularly given the significant declines in key commodity prices. A lower exchange rate is likely to be needed to achieve balanced growth in the economy."
Here's the chart of the Aussie getting clobbered against the US dollar.
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