Aussie slides on unchanged interest rates

The Australian Dollar slid today in forex trading on account of the Australian central bank deciding to maintain the benchmark interest rates at their current levels. The RBA avoided changing interest rates to maintain economic recovery in the country. The Australian dollar fell to the lowest level in nearly 6 weeks, against all 16 of its most traded counter-currencies. The AUD/USD pair slid to 87.93 in early London trade, touching a low of 87.82, the lowest level seen sin

ce last December 23. Against the Yen, the AUD/JPY slid to about 79.65. the Australian dollar had a negative effect on other currency majors, for instance, the EUR/JPY falling 40 pips. The Australian dollar also fell against the New Zealand dollar, which rose to an intraday high of 1.2599, before correcting briefly. RBA is the only one of the G-20 group to have raised interest rates last year, a total of 3 times. The current interest rate is pegged at 3.75%