Get a free Quote

From CCY
please type the characters you see:
(spam filter)
spam control image

Apply now

Obligation free account and currency commentary btn_apply_for.gif
Browse By Topic

FX News

Most recent FX News:

Read more

RBA cuts the cash rate 25pts in line with most expectations

Written by Sam Coxhead on November 1st, 2011.      0 comments

4:55 PM (NZT) The RBA have just cut their cash rate from 4.75% to 4.5% as was 80% priced in the market. The AUD is softer across the board as a result support levels against various currencies.
In his released statement Governor Stevens says that recent information is consistent with a moderation in global growth and goes onto acknowledge the appropriately slowing Chinese economy, subdued US economy and debt situation in Europe has seen conditions ease in non-resources orientated Australia. Removal of the tight monetary conditions is appropriate as inflation is expect to come close to target soon , and confidence is somewhat subdued. It paves the way for further easing if required.
Below is a link to the full statement at the RBA site for those interested.
Meanwhile in markets offshore the enthusiasm following the EU summit has certainly proven to be short lived. Italian and Spanish debt reached Euro era record levels last night and news that Greece will go to a referendum to decide on acceptance of the latest bailout deal has certainly not boosted confidence.
Yesterdays Bank of Japan Intervention has proven costly so for the BOJ as the YEN continues to rally back against where they bought the bulk of their US dollars.
The busy week continues today with UK GDP and manufacturing numbers ahead of manufacturing numbers in the US.
          Past 24 hours
  Current level Pre-RBA  % Chge since RBA   Low High
NZD/USD 0.8075 0.8080 -0.06%   0.8057 0.8147
AUD/USD 1.0483 1.0532 -0.47%   1.0478 1.0613
NZD/AUD 0.7703 0.7671 0.42%   0.7638 0.7704
AUD/NZD 1.2982 1.3036 -0.42%   1.2980 1.3092
NZD/GBP 0.5023 0.5025 -0.04%   0.5007 0.5087
NZD/EUR 0.5835 0.5835 0.00%   0.5768 0.5844
NZD/YEN 63.13 63.10 0.05%   62.97 64.41
NZD/CAD 0.8080 0.8073 0.09%   0.8049 0.8130