Currency Note Worldwide

Australian Reserve Banks cuts rates

By Ricky Bean May 8th, 2015

All major currencies fell against sterling overnight as certainty returned to who will be running the UK for the next five years and given it was the Conservatives, who have been running it for the last five years, expectations are for more of the same.

Australia did cut its interest rate to 2% this week which initially boosted the Australian dollar as it would provide more incentive for people to invest. Obviously this trend reversed overnight as the UK election result became clear.