RBA governor, Philip Lowe speaking in Darwin, Australia after earlier today the Central Bank proceeds to 25 basis point interest rate cut.
Philip Lowe believes that the recent interest rate cuts will help lower the unemployment rate and reduce spare capacity. The Bank will monitor how economic data evolve over the coming months. The policy Board is aware that there are some downsides to lower rates, such as the housing market and international trade war tensions. He also notes that aN AUD at bottom-end of the range, helping to support the Aussie economy.
AUSUSD reacts positive to the news making new daily high at 0.6991 but still capped below the 0.70 mark.