020 7898 0500- Tuesday saw the Australian dollar make unexpected gains on its US counterpart. The pair was up at week highs as the Australian dollar hit 0.8786 against the US dollar. However, gains are expected to remain limited as the Reserve Bank of Australia (RBA) decided to leave interest rates unchanged and stated that the decline in the nation’s currency was insufficient to encourage growth. The move by the RBA was widely anticipated as the benchmark interest rate was held at 2.5%. With regard to the recent strength of the Australian dollar, RBA chairmen Glenn Stevens stated that it remains high by historical standards and is continuing to dampen growth.
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