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Australian Dollar: USD/AUD Tumbles as Westpac Calls for Two Rate Cuts
The week started with the minutes of the Reserve Bank of Australia Monetary Policy meeting showing that the central bank saw “significant uncertainties” in the economy as property values took a nosedive. This opened the door to future rate cuts. Earlier in the month on February 6, RBA Governor Philip Lowe opened the door to a possible rate cut by acknowledging growing economic risks, in a surprise shift from its long-standing tightening bias. Australian economic data was mixed last week with the Wage Price Index coming in at 0.5%, lower than the 0.6% forecast. The Employment Change showed the economy added 39.1K ... (full story)
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