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Following the 25-bps rate cut announcement by the Reserve Bank of Australia (RBA), Westpac, the local bank, was quick to pass on the benefit to their customers.

Westpac slashed its variable interest rates by 0.25% per annum for home loan customers and small business cash-based loans and overdrafts.

As the RBA said: “Board took this decision to support the economy as it responds to global coronavirus outbreak”

AUD/USD holds the RBA-led gains

The Aussie trades 0.32% higher at 0.6557, having hit a new daily high at 0.6566 following RBA’s surprise rate cut announcement.