The Australian dollar has fallen sharply to a seven-week low, as the chances of the Reserve Bank cutting interest rates next month surge.
The Australian dollar has fallen sharply to a seven-week low, as the chances of the Reserve Bank cutting interest rates next month have surged.It was a significant drop from its value on Good Friday .
"The downward surprise to core inflation in the first quarter leaves the RBA with little choice but to cut the cash rate by 25 basis points at its May meeting," ANZ economists Hayden Dimes and David Plank wrote in a note.Australia's central bank has kept rates on hold at the record low 1.5 per cent for the past two-and-a-half years.
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