RBA says Australian dollar near 4 1/2-year low needs to fall further

Tue, 02 Dec 2014

Dec. 2 (BusinessDesk) - The Reserve Bank of Australia said its currency, near a 4 1/2-year low, remains over-valued and needs to decline further to assist the economy across the Tasman, which is growing at a moderate pace. The central bank kept its cash rate unchanged as expected at a record low 2.5 percent, where it has been since August 2013. Governor Glenn Stevens issued a statement broadly unchanged from his announcement at the start of last month, although he now notes the US economy is continuing to strengthen and China's economy is re...

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