Aussie dollar hits 11-year low after RBA cuts rates, hints of more to come | scutty
decision to cut interest rates to the lowest level on record, coupled with strong hints there may be further cuts to come, has sent the Aussie dollar tumbling to the lowest level since the depths of the GFC.
The RBA's accompanying monetary policy statement was the impetus for the Aussie dollar's fall, says NAB's Ray Attrill.Rather than the RBA’s rate cut, it was the tone of its accompanying monetary policy statement that really did the damage, according to the National Australia Bank’s Head of FX Strategy Ray Attrill.
Given the change of language from the RBA in its October statement, it appears the bank has set itself a tougher challenge to lower unemployment and raise inflation to target, rather than just make progress to achieving those goals.
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