AUD/USD tumbles as RBA surprises with dovish 25bps rate cut

The Australian dollar has experienced a sharp sell-off against the US dollar after the Reserve Bank of Australia (RBA) unexpectedly cut interest rates by 25 basis points to a record low of 0.75%. AUD/USD plunged over 1% to a low of 0.6700 following the announcement, as the central bank cited risks to global growth and domestic consumption. The RBA also maintained a dovish outlook, suggesting that further easing may be necessary to support the economy and boost inflation. The pair now faces key support at 0.6680, with a break below this level potentially triggering a deeper correction.