Reserve Bank of Australia Cuts; Plus: A New Member of Black Swan

Australia’s dollar is little changed since the overnight announcement by the Reserve Bank of Australia to slice another 100 basis points off its benchmark interest rate. Despite the negative, the Aussie is holding on to small gains this morning.

It looks as though the big move came in the days prior, expecting a big downward adjustment by the RBA. As we explained to members of our Forex & Currency Futures newsletter on Thursday, January 29: