Swaps Show Australian Rate Cut More Likely After Brexit: Chart

The U.K.’s decision to leave the European Union has pushed up the chances of a rate cut in Australia. The central bank holds its next scheduled meeting July 5. Swaps traders, who had seen a 20 percent chance of a cut then, now see that as a two-in-five prospect, with a better than even possibility for a reduction in August if the Reserve Bank holds policy unchanged in July.

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