PERTH: The Australian dollar weakened against the other major currencies in the Asian session on Monday, as traders speculate that the Reserve Bank of Australia may cut the official cash rate again at its meeting tomorrow.
The central bank is widely expected to follow up on its 25 basis point cut it announced at its February meeting. The official cash rate is currently at 2.25 percent.
In other developments on Main Street, China’s central bank announced Saturday its decision to lower key interest rates by 25 basis points. The bank cut its one-year lending rate by 0.25 percentage points to 5.35 percent and the deposit rates by 0.25 percentage points to 2.5 percent.
