Aussie heavily declines vs. majors on RBA decision

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01 May 2012 @ 02:35 am EDT

The Australian dollar has witnessed today heavily losses after the Reserve Bank of Australia decided to cut the interest rate by a half percent point to 3.75% from 4.25% during May as inflations rates are stable.

The Bank sees the economic recovery has moved in narrow range during the past three months as negative results of European crisis, while CPI inflation has also declined, from about 3.5 percent to a little over 1.5 percent at the latest reading.

On the other hand, the Japanese yen has also retreated against the US dollar to the lowest level in five days, recorded a low of 79.66 and a high of 80.36, while it started the day at 80.35.

Moreover, NZD/USD pair dropped for the second straight day, reached to its lowest level at 0.8131, while it started the session at 0.8181 and recorded a high 0.8184.

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