AUD/USD rebounds off RBA led dip following expected 0.25% rate cut

As expected, earlier this morning, at 3.30am GMT the Reserve Bank of Australia did exactly as the markets expected and lowered their 4.35% official cash rate. The RBA matched expectations with a 0.25% reduction, taking the benchmark rate back to 4.10%. The immediate reaction saw the AUD/USD fall back to 0.6335, after setting a synthetic US close at 0.6356. However, it immediately spiked back on the news, rising to 0.6368, only to then fall back again. The AUD/USD is back close to that close now though and hence we have had some sporadic price action, but as things stand it is right now largely unchanged on the session. So, as you can see, very much a case of a policy event that was entirely baked into the markets. The AUD/USD is right now at 0.6360