Watch Australian Dollar Falls to New Low After Record Rate Cut News Video

“Australia’s central bank cuts interest rates to record lows as its economy suffers from a drop in commodity prices and weak local consumer activity.” – YT

“In the last 24 hours the Australian dollar has been on a rollercoaster ride dropping sharply to a new multi-year low below 0.7630 before rallying strongly and moving back up above the 0.77 level and more recently 0.78.

“Prior to all the recent activity, in the last couple of weeks the Australian dollar fall very sharply and break lower from the trading range that had been established roughly between 0.8050 and 0.8200.

“The 0.77 range is currently offering some support to the Australian dollar which has allowed it to consolidate a little and temporarily stop the recent decline over the last couple of days.”

Read more: Market Pulse