Aussie Falls to Two-Month Low as RBA Cuts Target Rate to Record
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The Australian dollar dropped to its weakest level in two months after the Reserve Bank cut its benchmark interest rate to a record 2.75 percent.
The nation’s currency declined against all 16 major peers as the premium Australia’s two-year bond yield offers over similar-maturity Treasuries fell to its lowest since Oct. 22. The two-year swap rate slid to a record. The RBA will release its monetary policy statement, updating economic forecasts, on May 10.