The Australian central bank surprised most of the global analysts today, by announcing an increase in the bank interest rate. The 25 basis point increase has also been considered as only the beginning of the many bouts of interest rate hikes planned by the central bank in the coming months.
The news sent the US dollar tumbling against most of the other currencies, and also ended up pushing the commodity prices. Gold prices spurted up, as economic recovery of US might be delayed due to this interest rate hike. More countries including China and India are expected to increase the interest rates from next month.