RBA Gets It Started

What did the RBA do? Nothing.

And their inaction confirmed what traders have been anticipating: a very unstable foundation for the global economy. Thus, despite the outlook for Australia’s economy in the long-run, it’s certainly no time to be raising interest rates any higher.

So after a very quiet memorial day in the FX market, the Australian dollar, naturally, is reacting most sharply to the RBA’s assessment of global economic conditions. And the euro isn’t doing so hot either.