Forex News: Reserve Bank of Australia raised their core Interest Rate to 3.25%
Skirting widespread speculation, the Reserve Bank of Australia raised their core interest rate by a quarter basis point to 3.25%.
The move put Australia in front of all other Western nations, making them the first to raise rates amidst the current economic crisis and sent the Aussie on an upward tear through forex pairs.
The rate hike also helped spur on stock markets across the globe as optimism grew that the global economy was recovering.
At 12:05AM GMT, the Australian Dollar was trading up 1.53% against the US Dollar to a 14 month high of .8904, up 1.25% to the Euro to 1.653, up .76% against the Canadian Dollar to .9433 and up .33% versus the Japanese Yen to 79.06.