Will the Australians cut interest rates further?

• The Australian dollar jumped on Tuesday, following on from the Reserve Bank of Australia (RBA)’s latest meeting, where it said that it cut rates due to the deteriorating economic outlook. The RBA shocked markets earlier in the month when it decided to lower its benchmark interest rate to a new record low of 2.25%.

• The Canadian dollar had a strong Tuesday as it rose against its US counterpart. Tuesday was a worrying day data-wise for the US as worse-than-expected US manufacturing data weighed on the market. However, gains were limited for the Canadian currency as a downbeat report on foreign securities hindered its progress.

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