Australian dollar rallies as interest rate cut to record low

Australia’s dollar rose against all its major peers as the central bank cut borrowing costs to a record low and said it would adjust policy to foster growth and keep inflation contained.

6th August, 2013

Australia’s dollar rose against all its major peers as the central bank cut borrowing costs to a record low and said it would adjust policy to foster growth and keep inflation contained.

Australian government bonds slid after the Reserve Bank said the inflation outlook had allowed it to lower the overnight cash rate by a quarter percentage point to 2.5 per cent, while damping expectations for further reductions. The Australian dollar sank 11...

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