The Australian dollar gained today after the Reserve Bank of Australia kept the interest rates unchanged and the report showed that the nation’s trade surplus grew.
The RBA kept the overnight cash rate target at 4.5 percent and hinted that its benchmark rate may be kept unchanged in the near term. Glenn Stevens, Governor of the RBA, said:
With the high level of the terms of trade expected to add to incomes and demand, output growth in Australia over the year ahead is likely to be about trend.
This optimistic outlook made the Aussie look more appealing to the investors.
AUD/USD traded near 0.8488 as of 9:16 GMT today, rising from the opening level of 0.8393. EUR/AUD traded at about 1.4830 after opening at 1.4927.
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