Ratings agency Standard & Poor’s (S&P) thinks the Reserve Bank of India (RBA) will be forced to cut interest rates, as coronavirus outbreak will deliver a material knock to Australia’s growth. Key points Gross Domestic Product (GDP) could be as low as 1.7% – down significantly from the previous forecast of 2.2%. Tourism and education sectors are likely to take hit due to virus outbreak. Many Chinese students may not be able to start the new academic year. Commodity prices could feel the pull of gravity. On the bright side, weaker AUD would act as cushion. The RBA kept interest rates unchanged at a record low of 0.75% earlier this month and said it may refrain from cutting rates for some time, disppointing traders expecting a dovish stance in the wake of the virus outbreak. However, the minutes released Tuesday flagged concerns about the coronavirus outbreak and noted there was a case a for further cuts lower rates could speed progress toward bank’s inflation and employment goals. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Foreign inflows into US Treasuries in 2019 hit largest in 7 years FX Street 2 years Ratings agency Standard & Poor's (S&P) thinks the Reserve Bank of India (RBA) will be forced to cut interest rates, as coronavirus outbreak will deliver a material knock to Australia's growth. Key points Gross Domestic Product (GDP) could be as low as 1.7% – down significantly from the previous forecast of 2.2%. Tourism and education sectors are likely to take hit due to virus outbreak. Many Chinese students may not be able to start the new academic year. Commodity prices could feel the pull of gravity. On the bright side, weaker AUD would act as cushion. The RBA kept interest rates… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
