FXStreet (Bali) – Following the announcement by Westpac to raise home loan rates by 0.2% in order to meet new requirements on capital against mortgages, while will also raise $3.5 billion through a share entitlement offer to boost capital reserves.
AUD/USD has been under the hammer since the NY close, with some market chatter that other banks may now follow steps by Westpac, which may results in higher chances of the RBA cutting rates, as the economy is in no position to sustain a rate hike at present.
(Market News Provided by FXstreet)