News Column

Australian Dollar Retreats After RBA Rate Decision

May 5, 2014

CANBERA (Alliance News) - The Australian dollar given up its early gains against other major currencies in Asian deals on Tuesday, after the Reserve Bank of Australia left its key interest rate unchanged as widely expected by economists.

The monetary board governed by Glenn Stevens decided to maintain the cash rate at 2.50%. The board assessed that monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target.

The aussie hit a 5-week low of 1.0662 against the kiwi, off early high of 1.0696.

The aussie pulled away from early 8-day high of 0.9316 versus the greenback and 6-day high of 1.4901 against the euro, falling back to 0.9274 and 1.4967, respectively.

The aussie was trading around 94.60 against yen and 1.0157 against the loonie, reversing from early 4-day high of 95.01 and a 5-day high of 1.0200, respectively.

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Source: Alliance News

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