The Reserve Bank of Australia cuts rates for the seventh time in 18 months, taking the benchmark cash-rate down 25 basis points to a record low 2.75%, surprising some forecasters who expected the rate to remain unchanged. At 2.5%, inflation in Australia is within the central bank's target range and the strong aussie has weighed on mining companies who say it undermines their export competitiveness. The aussie (FXA) fell by more than half a cent against the dollar following the announcement.
Did not see that bank bounce coming, let's see what the rest of the week brings. Still think too much dumb money being dumped into anything and everything, no matter what. How are the eyes?
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