(MENAFN) Driven by ominous signs of a weaker economic outlook, the Reserve Bank of Australia (RBA) cut interest rates by a quarter point to 3.25 percent, Reuters reported.
The move came as a slowdown in China, falling export prices and a high currency all dimmed the economic outlook in Australia.
The latest move brings the cuts delivered since last November to 150 basis points. Investors had priced in about a 60 percent probability on an easing this week, in part due to concerns about China, Australia's biggest export market.
Also, with core inflation expected to remain near RBA's long-term target band of 2 to 3 percent, markets expected more monetary policy easing was inevitable.
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