The RBA cut the official rate today to the surprise of many including myself. They have been holding steady for so many months and there did not seem to be that much of a change since the previous meeting. I personally think they have sent the wrong message to the country. I think people will take this as the RBA having a lack of confidence in the economy. There will probably be little or no benefit in the short term. Stocks were the big winner from the rate cut. The AUD/USD did dip but promptly turned back up on weakness in the $USD today. We just have to see how this goes and take it as it comes.
ASX 200 cash daily chart
AUD/USD 4hr chart
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