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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (45865)	10/7/2009 5:08:37 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68032

11:47PM Australia surprises with 0.25 point rate increase by V. Phani Kumar HONG KONG (MarketWatch) -- The Reserve Bank of Australia Tuesday surprised by raising its policy rate by a quarter-point to 3.25% in response to stronger-than-expected economic conditions. The increase in the cash rate marks the RBA's first rate increase since March 2008 and makes it the first central bank in a major developed economy to hike rates. Several analysts had expected the RBA to commence rate hikes a few months later. Governor Glenn Stevens wrote in a statement that the "basis for such a low interest rate setting has now passed" and that it was now prudent to "begin gradually lessening the stimulus provided by monetary policy." The Australian dollar rose to 88.26 U.S. cents recently, from 87.94 cents in New York. [Johnny: On one side this is a positive as it indicates the economy is picking up. On the other side it is negative as it will trigger the contract on borrowing in economies addict to cheap cash.]