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RBA Keeps Interest Rates on Hold
As expected, the Reserve Bank of Australia held rates steady at 4.75% in light of the natural disasters in the region. RBA Governor Glenn Stevens will speak later today regarding future Australian monetary policy. According to Australian bank bills, there is a 32% chance Stevens will keep the interest rate steady for the remainder of the year.
The Aussie dollar is off its all-time high of 1.0415 as increased investments in mining operations have increased growth expectations, though forecasts may have been cut following the Queensland flooding and natural disaster in Japan. Risks to the Aussie dollar's climb include the reluctance of the RBA to raise interest rates, a pullback in commodities prices, or the tightening of monetary policy by the US.
Following the interest rate announcement, the AUD/USD dipped but held at the 1.3010 level. Resistance is found at the all-time high at 1.0415. Support levels are 1.0250 and 1.0200, followed by a 38.2% retracement of the March move which comes in near 1.0150.
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