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AUD/NZD Slides into a Fresh Record Low
Bearish Pressure: The Australian Dollar has been under a lot of pressure as it continues to show a weakening economy. The Reserve Bank of Australia (RBA) has already cut its official cash rate to 2.25%, a record low. RBA governor Glenn Stevens has noted that rate cuts are not going to be that effective though it might be necessary. He has also been jawboning about the overvalue of the AUD, which has added to the bearish move in this currency. Adding to the bearish factors, jobs data out of Australia disappointed on Friday, giving sellers even more fuel to dump the aussie. New Record Low: The AUD/NZD has been falling, ... (full story)