Moody's cuts ratings on big four Australian banks

The US ratings agency, Moody’s Investors Service lowered its long-term credit rating on the big four Australian banks - ANZ,CBA,NAB and Westpac, from Aa2 to Aa3 citing elevated risks in the housing market.

Immediately after the announcement, the AUD/USD pair came under some selling pressure and slipped below the 0.7600 handle.

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