Australia's central bank held rates at an all-time low of 1% on Tuesday as ...
SYDNEY - Australia’s central bank held rates at an all-time low of 1% on Tuesday as it weighed the impact of past easing, though markets are wagering the tide of policy stimulus sweeping the world will compel it to cut again before year-end.
RBA Governor Philip Lowe acknowledged there might be more to do after its monthly board meeting. Investors are far ahead of the bank in pricing in a cut to 0.75% by October , and 0.5% by early next year. This has been seen as a step toward forward guidance, a tactic used by many central banks to put downward pressure on both long-term borrowing costs and their currencies.
The Aussie dollar has still taken collateral damage from the sudden flare up in Sino-U.S. trade tensions, with investors shorting the currency as a liquid proxy to hedge against China risk.
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