The Australian economy especially the Reserve bank of Australia RBA has released earlier today the data for the interest rate, where the RBA cut down the borrowing rate by 25 basis to reach 4.50% instead of 4.75%, and that was as a result for highly appreciation and the huge increase in the Australian dollar along with the moderate inflation rate.

On the other the escalating European debt crisis and the wakening in the European economy are still delivering pessimism and Uncertainty to the global economy especially the Asian region which is deeply suffering from this weakening.

Moreover, the current events forced the commodity prices to retreat.