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AUD Steady, RBA Minutes Show Labor Market Still Key Policy Metric
The Australian Dollar was steady Tuesday following the release of monetary policy meeting minutes from the Reserve Bank of Australia which suggested that while still-lower interest rates are not imminent, much will depend on the labor market. The RBA cut the key Official Cash Rate to a new record low of 1% at the meeting in question on July 2, in the process giving borrowers only the second back-to-back monthly reductions since 2012. The minutes said policymakers remain ready to adjust policy ‘as needed’ to support growth. The RBA remains convinced that plentiful spare capacity remains in the labor market, ... (full story)