Yes, many pundits were expecting Australia's Reserve Bank to lower its interest rate yesterday. I did too, given the boost it would bring to resource company tax revenues that the Government would enjoy from it, but it didn't happen (due to housing market pressure?). There will be a few days of further climb in the AUS/USD in my opinion before the Treasury and others start to talk it down...I'm guessing from around 0.935.
Edit: Building approvals have just been announced for Australia - down 5% (last time up 7%).
BC
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