Reserve Bank of Australia (RBA) cut its forecast for that nation's GDP growth and inflation for 2012 and stating that the decline in growth rates and inflation may provide the opportunity to cut interest rates, yet it announced that the growth rates for 2012 may reach 3.5%

Also, the RBA sees that the consumer prices will reach 1.75% in the year ending in June the 30th and the core inflation may reach more than 2.5% over the next few years.

Additionally, the Reserve Bank of Australia said that it seems that the European economy is heading for recession and the scene of the world economy is still blurry.

Finally, the Australian dollar fell directly after the Reserve Bank of Australia Statement.