Crude oil prices steady
In another clear sign of the slowing of the Asian economy the Reserve Bank of Australian ( RBA ) cuts its short term interest rate by 25 basis points as it attempts to offset the closing of mines and laying off of thousands of workers. Short term interest rates are now at the lowest level since 2009. Australia is a commodity dependent country with many of those commodities exported to China. With China and most of the developed world continuing to slow commodity consumption is also slowing. The Australian economy is being directly impacted by the slowing of commodity consumption. Australia's action is not only a negative for the Australian currency but a bearish sign for oil demand growth as well as other traditional commodity consumption growth.
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