While it kept rates on hold for the time being, the Reserve Bank of Australia has dropped a strong hint that further rate cuts are on the way by suggesting that "scope remains for some further easing."
The Reserve Bank borrowing costs unchanged at a 49-year low of 3% on Tuesday, but the dovish tone of the statement led the Australian dollar lower against its US counterpart, after a two-week rally that analysts believe has been driven in part by the search for yield and carry trades. Australian
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