Markets rebounded strongly over November due to a number of factors including RBA cutting interest rates to a record low of 0.10%, in addition, to its announcement of $100bn quantitative easing program, Joe Biden being declared the winner of the US presidential election and positive news regarding COVID-19 vaccines (Pfizer and Moderna).
On 3rd November, the RBA cut the official cash rate from 0.25% to a new record low of 0.10%. In addition, it announced a $100 billion quantitative easing program. These actions show the RBA’s unprecedented stance to provide support to the Australian economic recovery. These actions bode well for the economy and ASX saw a sharp rally following the announcement.
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