Breaking News: AUD/USD Spikes +40 Pips, RBA Leaves Rate on Hold

The AUD/USD is trading bullish dramatically, adding more than 40 pips to trade near $0.7246.

The bullish movement has been triggered after RBA (Reserve Bank of Australia) decided to leave the cash rate unchanged at 1.50 percent.

Considering the sharp decline in oil prices and the slowdown in the global economic outlook, the market was expecting a sort of dovish tone from RBA.

But the RBA seems very optimistic about the economy. In fact, RBA says low rates are supporting the economy and progress in unemployment, while inflation is expected to be gradual.