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RBA Says There is Still Room to Cut Rates a the Aussie Remains High Against Peers

Australia’s central bank said it still has room to cut the benchmark interest rate from its record-low level and judged that the nation’s exchange rate remains high even after the biggest monthly drop since 2011.

Governor Glenn Stevens and his board kept the overnight cash-rate target at 2.75 percent, theReserve Bank of Australia said in a statement today in Sydney. “The inflation outlook, as currently assessed, may provide some scope for further easing, should that be required,” Stevens said. The pause was predicted by 24 of 26 economists surveyed by Bloomberg News….”

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