Australia Sold A$1.433 Billion in Forex Last Month, A 5-Year High

The Reserve Bank of Australia sold a 5-year record of Australian Dollars in the forex market last month; they sold A$1.433 billion. Accompanying the official release were comments by the bank saying that the influence that the cash rate has had on bank financing has weakened. Such a statement could indicate that further rate cuts may be in the cards for the RBA as the threat of resurfaced credit tightening becomes more apparent.