“The sharp fall in underlying domestic CPI was probably the clincher for the 25bps rate cut but the RBA is still very worried about the situation in Europe and remains positive on growth prospects in Asia. Another rate cut in December now looks very unlikely and the RBA is likely to wait and see how the global situation develops over the next 3 months” noted Sean Lee, analyst at Forexlive, from the RBA minutes statement.

Tue, Nov 15 2011, 01:06 GMT | FXstreet.com