RBA cuts interest rate to a record low level of 1.0%, AUD/USD holds steady

The Reserve Bank of Australia (RBA), as was widely expected, decided to cut interest rates for the third month in a row to a historic low level of 1.0% at its July monetary policy meeting held this Tuesday. 

The decision was on expected lines and hence, did little to prompt any fresh selling around the Australian Dollar, with the AUD/USD pair holding steady above mid-0.6900s.