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What We Read Today 03 February 2015

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

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Reserve Bank of Australia cuts cash rate 25 bps to record low 2.25% (Investing.com staff)  See also next article.

For the past year and a half, the cash rate has been stable, as the Board has taken time to assess the effects of the substantial easing in policy that had already been put in place and monitored developments in Australia and abroad. At today's meeting, taking into account the flow of recent information and updated forecasts, the Board judged that, on balance, a further reduction in the cash rate was appropriate. This action is expected to add some further support to demand, so as to foster sustainable growth and inflation outcomes consistent with the target.


Aussie dollar gets destroyed after RBA cuts rates (Myles Udland, Business Insider)  The Aussie dollar dropped 1.7%, a very large move, in just a few minutes following the rate cut (previous article).  This article points out that the Aussie dollar is still probably significantly overvalued because of declining commodity prices.  AUD has continued to drop to $0,7634 as this is written.  For the latest exchange rate go to Investing.com.

aus-usd-2015-feb-02



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