Jul
06

RBA Holds Rate as Greek Drama Drives Aussie Below 75 Cents

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Australia left its key interest rate unchanged after Greece’s drama drove the currency below 75 U.S. cents and Sydney’s property bubble argued against a further cut.

Central bank Governor Glenn Stevens kept the cash rate at a record-low 2 percent Tuesday as predicted by markets and economists, and after cuts in May and February. He identified 75 cents in December as a level that would help the economy.

“The Australian dollar has declined noticeably against a rising U.S. dollar over the past year, though less so against a basket of currencies,” Stevens said in a statement. “Further depreciation seems both likely and necessary, particularly given the significant declines in key commodity prices.”…

RBA Holds Rate as Greek Drama Drives Aussie Below 75 Cents

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