The drum beat of central banks showing a willingness to ease monetary policy beat louder this morning after the Reserve Bank of Australia (RBA) cut interest rates to a fresh record low of 1% - down from 1.25% last month.

This means that in the space of four weeks, interest rates in Australia have decreased from 1.5% to 1.0%. Should the rate cuts fail to revive household spending and stimulate economic growth, the RBA could pull the trigger once again this year.

In regards to the technical picture, the AUDUSD pushed higher despite the rate cut with prices trading around 0.6980. An intraday breakout above 0.7000 could open the doors towards 0.7030.

Reporting for EasyKobo on Tuesday , 02 July 2019 in Lagos, Nigeria

Source: Lukman Otunuga, FXTM Research Analyst