RBA Trims Rate to 1.5%; Slump in Crude Oil Prices Led Equities Lower

RBA cut the cash rate by -25 bps to 1.5% in August. Following a -0.8% fall on Mondya, AUDUSD extends the weakness to a 2-day low of 0.7495 before recovery. Crude oil prices tumbled, leading the weakness in Wall Street, on oversupply concerns. The front-month WTI crude contract plunged before US$40/bbl at one point (intraday low US$39.82/bbl)…

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RBA Trims Rate to 1.5%; Slump in Crude Oil Prices Led Equities Lower