Australian interest rates held

The Australian Dollar has gained further strength today, after the Reserve Bank of Australia left interest rates on hold.

Markets were expecting a cut from 4.25% to 4%, to improve confidence and spending. A cut had been priced in to exchange rates, so when interest rates were held at 3.30am, the Australian Dollar strengthened dramatically, giving already-low exchange rates a push even lower. Rates for sending money to Australia are at historic lows.