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Australia's central bank leaves its key rate unchanged, says inflation 'passed its peak'
Australia’s central bank held its official cash rate steady at 4.10% in a closely watched decision Tuesday. Economists were split on expectations ahead of the decision, with 16 out of 31 respondents surveyed by Reuters forecasting a hike of 25 basis points and 15 expecting the central bank to hold. Stocks cheered the move as the central bank said inflation in the economy has “passed its peak.” The S&P/ASX 200 pared earlier losses and rose 0.5%. The Australian dollar weakened 0.25% to 0.6652 against the U.S. dollar. chart “Some further tightening of monetary policy may be required to ensure that ... (full story)
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