“Australia’s central bank kept its benchmark interest rate unchanged at a half-century low and said policy is appropriate. The local currency climbed as traders pared bets on further reductions in borrowing costs.
Governor Glenn Stevens and his board left the overnight cash-rate target at 3 percent, theReserve Bank of Australia said in a statement today in Melbourne, as predicted by 27 of 29 economists surveyed by Bloomberg. He said “there are signs that the easier conditions are having some of the expected effects” after 1.25 percentage points of cuts in 2012….”
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