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RBA hike rates, as US services industry declines at it fastest rates in 7 years.


"The Euro (EUR) was subject to poor data in the form of PMI services, which was released at 50.6, lowest showing since July 2003, prompting many forex traders to expect European Central Bank will be forced to trim its 2008 GDP growth forecast as early as March and eventually ease monetary policy this year..."
"The Australian Dollar (AUD) although expected, saw an extremely courageous move by the RBA, hiking interest rates by 25bps to 7%, the highest level in 11 years, as concerns of inflation remain prominent, despite views of monetary easing surrounding several central banks."



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