Aussie drops following RBA rate cut

Source: WBP Online
The Australian Dollar dropped 1.3% after the RBA announced cutting rates to a record low 1.75%. The Aussie hovered around the $0.7700 mark before the announcement, and plunged to $0.7563 right after the news came out at 4:30 GMT. The RBA explains the rate cut with fears of a stronger Australian Dollar that can potentially harm economic adjustment.
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