Australian Dollar rockets as Reserve Bank warns of double interest rate rise

Australian CONSUMERS have been warned there will be no escaping an interest rate hike next month - and it could be a double whammy.Explosive documents released yesterday showed the Reserve Bank Board almost went for the shock treatment earlier this month as it battles to control inflation. Leading economists said yesterday there was a big chance the central bank would push up rates by half of a percentage point next month – double the usual increase. This would ramp up monthly repayments on a $300,000 home loan by $100. It will also lift standard variable rates on home loans to almost 10 per cent and add to the misery of many homebuyers. The Australian Dollar was trading 2.1250 against the pound and 1.6050 against the Euro

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