Wednesday, 5 December 2012

RBA cuts rate to low of last financial crisis

There were few major economic data on Tuesday but there were monetary policy decisions by two major central banks.

The Reserve Bank of Australia cut its official interest rate by 25 basis points to 3.0 percent on Tuesday. This move brought the rate down to the low last seen during the financial crisis in 2009.

In contrast, the Bank of Canada left its interest rate unchanged and maintained a bias towards higher rates.

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