Australia Cuts Key Rate for First Time Since 2001

[SethArb]

-Sept. 2 (Bloomberg) -- Australia's central bank cut its benchmark interest rate for the first time in seven years amid signs the nation's $1 trillion economy is slowing.

Governor Glenn Stevens and his board reduced the overnight cash rate target by a quarter point to 7 percent in Sydney today, as forecast by 22 of 23 economists surveyed by Bloomberg News. -


www.bloomberg.com/apps/news?pid=20601081&sid=aXs5qTgpmqrI&refer=australia

 

[Trader KGB]

12:44 AM AUSSIE'S RUDD SEES `MORE TOUGH TIMES AHEAD' FOR ECONOMY
12:40 AM RUDD SAYS THERE IS `MUCH MORE TO BE DONE' TO RELIEVE PRESSURES

And to think, AUD/USD actually attempted to rally on this news, +50 at one point. That was a short ride.