Some words from Glenn Stevens mentor, Petula Clark [youtube]http://www.youtube.com/watch?v=Zx06XNfDvk0[/youtube]
I heard about this on radio news today where they actually said its been done to try and boost the economy......Thats MSM saying it out loud!
Pfffft, peasant. In Sydney that would barely get you a 1 bedroom hovel. We're talking a cool mil or two to get you in on the ground floor of the Sydney residential property market in a reasonable suburb, and that's before gov. stamp duty of maybe $60k and probably other charges. Now, let's talk about borrowing several tens of millions and you too could join the favoured land owning class with a property portfolio.
I think the RBA is now in the "whatever it takes to prevent deflation" club. It will be interesting to see how high silver/gold go, and how long they will stay up for.
As a renter in Sydney, I'm pretty much in the hobo class so I'm on it now. I shall attempt some auto-fartbox-tonguepunching as commanded. Eeeeeeer aaaaaaaaaaaaahhhhh eeee..... somebody, call a doctor.
Have you checked the T&C and/or Financial Services Guide to see if your trading account is covered by any deposit insurance?
Ah, ok, that easy, thanks. So you pay the exchange rate on all the money now, and when(!) the AUD drops more, you win. I'm thinking about buying the USD ticker code on the ASX.
You could have actually chosen a range that included the point where the rate cut announcement was made, rather than start hours later: