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Reserve Bank of Australia cuts rate by 100bps strenghtens AUD

Yesterday’s post on Australia and New Zealand cut expectations came true for the RBA.

The Reserve Bank of Australia  announced a 100 basis points cut. The official cash rate is now 4.25%. This has been the fourth rate cut since September. The market was expecting a  75 basis points rate cut in order to decrease the interest rate differential between the current Australian rate 5.25% and the Fed 1.00%. The higher than expected cut temporarily boosted the Australian Dollar and depreciated the New Zealand dollar in early trading.

For more Australian Economic Indicators visit FXEconostats Australian Data

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November
6
Today’s Global
Market Events
7:00am

CAD
Employment Change
10.0k vs. 30.6k
CAD
Unemployment Rate
8.5% vs. 8.4%
8:30 am

USD
Non-Farm Employment Change
-173k vs. -263k
USD
Unemployment Rate
9.9% vs. 9.8%
USD
Average Hourly Earnings m/m
0.1% vs. 0.1%
9:45 am

USD
FOMC Member Evans Speaks
10:00 am

USD
Wholesale Inventories m/m
-0.9% vs. -1.3%
11:30 am

USD
FOMC Member Duke Speaks
3:00 pm

USD
Consumer Credit m/m
-9.9b vs. -12.0b