Why has it stabilized? Because a US slowdown means we won’t be importing as much, and dollars won’t be flowing out as fast.
Why hasn’t it responded to the rate cut? From what I see, it is responding. It’s down. That’s how it responds to a rate cut. When the rates go down, the assumption is that our economy will receive a boost, and we’ll buy more imports, which causes a trade imbalance, and depresses the dollar. The dollar anticipates this effect, and falls immediately.
Okay! It's similar dynamics as to the price of oil.