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Australia cuts interest rates
01 May 2012

Money transfers to Australia have become significantly cheaper overnight, as the Reserve Bank of Australia unexpectedly cut interest rates by 0.5% to 3.75%. Expectations of a 0.25% cut were exceeded, and since lower interest rates tend to mean a weaker (cheaper) currency, we have seen the Pound improve by 2c against the AUD overnight.

Australian dollar rates were already enjoying some of their best levels in recent months, and have now hit their best level since November for anybody needing to transfer money down under.

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