AUD/USD Falls After 25Bp Cut; 1.0250-1.0275 Support-ASB

The AUD/USD weaker after the RBA cuts the cash rate target by 25 bps to 3.25%, although a cut had already been partly priced in, says ASB Head of FX Institutional Sales New Zealand Tim Kelleher; "It was 80% built in (to the pricing) so it was not surprising to the market although it might have been surprising to the man in the street." The pair is at 1.0320 vs 1.0369 ahead of the announcement. Kelleher says the pair is likely to remain under pressure overnight as the market digests the decision. Kelleher says strong support remains for the AUD/USD at around 1.0250-1.0275 with resistance at 1.0350-1.0375.