RBA Trims Rate to 1.5%; Slump in Crude Oil Prices Led Equities Lower

RBA cut the cash rate by -25 bps to 1.5% in August. Following a -0.8% fall on Mondya, AUDUSD extends the weakness to a 2-day low of 0.7495 before recovery. Crude oil prices tumbled, leading the weakness in Wall Street, on oversupply concerns. The front-month WTI crude contract plunged before US$40/bbl at one point (intraday low US$39.82/bbl)...

from Oil N' Gold Focus http://www.oilngold.com/ong-focus/insights/rba-trims-rate-to-15-slump-in-crude-oil-prices-led-equities-lower-2016080233369/