“Australia’s central bank kept its benchmark interest rate unchanged at a developed-world high as the global economy stabilizes and domestic inflation picks up, driving the local currency to a five-week high.
Governor Glenn Stevens and his board left the overnight cash-rate target at 3.25 percent, theReserve Bank of Australia said in a statement today in Sydney. The move surprised most economists, with 20 of 27 surveyed by Bloomberg News having predicted a cut to 3 percent. Traders were split 50-50 on whether Stevens would stand pat or cut.”
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