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RBA surpise with 50pt cut.

Written by Sam Coxhead on May 1st, 2012.      0 comments

5:00 PM (NZT) The RBA have surprised the market with a larger than expected cut of the cash rate. The 50pt cut was against a market consensus of 25pts, although the pressure has built over the last couple of days.
This decision was clearly explained in the opening paragraph of the accompanying statement, “This decision is based on information received over the past few months that suggests that economic conditions have been somewhat weaker than expected, while inflation has moderated.”
The move has seen the AUD softer across the board. It is going to be an interesting next 24hours whilst the wider market digests this move. It also increases the importance of Friday’s quarterly Monetary Policy Statement from the RBA.
          Past 24 hours
  Current level Pre-RBA  % Chge since RBA   Low High
NZD/USD 0.8147 0.8161 -0.17%   0.8157 0.8228
AUD/USD 1.0326 1.0400 -0.72%   1.0326 1.0465
NZD/AUD 0.7892 0.7847 0.57%   0.7832 0.7892
AUD/NZD 1.2671 1.2744 -0.57%   1.2671 1.2768
NZD/GBP 0.5023 0.5028 -0.10%   0.5023 0.5051
NZD/EUR 0.6150 0.6162 -0.20%   0.6150 0.6205
NZD/YEN 64.95 65.15 -0.31%   64.95 65.94
NZD/CAD 0.8060 0.8060 0.00%   0.8039 0.8103
Topics: AUD, cash rate, NZD, RBA, RBA cut