Profit: $1.22 Total: $1,192.02
The RBA decided to cut their interest rate from 1.75% to 1.50%. This wasn’t a surprise to the market and it truly showed when the AUD/USD rocketed up higher after it’s initial drop. I’m still shocked to see how little damage it did to the currency, but it just goes to show the market wasn’t surprised at the rate cut.
I didn’t trade much today since the markets were behaving funky. The dollar continues to sink and it’s still too early to call bottoms. I’ll keep a close eye on a bounce or perhaps any signs for early reversal.