Reserve Bank of Australia cuts key rate to 2.75 percent , narrowing gap with NZ

Tue, 07 May 2013

May 7 (BusinessDesk) - The Reserve Bank of Australia cut its key interest rate to within 25 basis points of New Zealand’s benchmark, sending the kiwi higher against the Australian dollar, as inflation tracks lower than the central bank expected and global growth remains ‘below trend’. The RBA cut its cash rate to 2.75 percent, the first cut since its Dec. 5 decision. Governor Glenn Stevens said his board’s forecast is for inflation to be consistent with its target over the next two years. Annual inflation is running at about 2.5 percent. “Re...

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