Commonwealth Bank will pass on the RBA's latest cut in full for its interest-only standard variable rate home loans, but will only cut principal and interest variable rate home loans by 0.19 percentage points.
Friday's closely watched U.S. monthly jobs report - NFP, will influence Fed rate cut expectations and influence the near-term United States dollars price dynamics, helping investors to determine the pair's near-term trajectory.
National Australia Bank economist Ivan Colhoun described Lowe's statement on the economy as positive. The pain of Brexit indecision was felt across all three sub-sectors but the previously resilient housing sector suffered the fastest drop in three years which is frankly worrying news'.
Although the Aussie displayed strength following what should have been a bleak development (Australian interest rates are now the seventh lowest in the world), it was the worst-performing major currency on Monday and lost value throughout much of June, which demonstrates that the RBA's decision was entirely priced in and that FX traders adjust positions and portfolios weeks and months in advance of big events.
The Australian Taxation Office is getting ready to issue a A$1080 (NZ$1131) boost to millions of workers in their tax returns in July as the Coalition closes in on passing its A$158 billion, 10-year income tax package.
"Very low mortgage rates have the potential to depress net interest margins further".
"Government spending on infrastructure and health care is lending support, but global growth has slowed due to trade protectionism".
The Australian dollar dipped from US69.79c to US69.70c following the rate cut before climbing back to US69.81c.
Venus Williams exits Wimbledon after defeat to 15-year-old debutante
Her rise hasn't come out of nowhere - she was one of the world's most highly regarded junior tennis players. "I loved tennis. Gauff's surprise win against Venus will be doubly significant for the teenager.
A Reuters poll of 40 analysts had found 28 expected a quarter-point easing this week, following a cut to 1.25% in June.
Westpac today announced a range of mortgage rate decreases for variable home loan customers, including a reduction of.20% per annum (p.a) for owner occupier customers and a reduction of.30% p.a. for investor customers with interest only repayments.
The Euro, meanwhile, fell following the printing of the German retail sales figures for May, which fell below the forecast increase of 0.5% to -0.6%.
Mickenbecker said this recent move might put a limit what the RBA could do if serious economic risks arise. It expects underlying inflation to climb from its present 1.4% to around 2% in 2020 and then a little higher after that.
In the first meeting of the Coalition parties in the new parliament, Prime Minister Scott Morrison said he wanted the government to be known for its humility and urged his troops to be humble.
Dr Lowe said monetary policy had a significant role to play in hitting its inflation goal but he again called on government to lend a hand by loosening its purse strings.
The Australian dollar nursed wounds on Tuesday, a day after it posted its biggest one-day fall in more than two months ahead of an expected central bank easing while improved risk appetite supported the greenback.
"Today's decision to lower the cash rate will help make further inroads into the spare capacity in the economy".