Investing.com – Australia's central bank announced that it would hold its benchmark interest rate steady at 4.5% for July late Monday.
In a statement, the Reserve Bank of Australia said it would hold the overnight cash rate at 4.5% in July, for the second consecutive month.
The decision to hold the rate steady was in line with expectations.
Commenting on the decision, central bank governor Glenn Stevens said “Caution in financial markets has been evident in the past couple of months, driven principally by concerns about European sovereigns and banks but also by some uncertainty about the pace of future global growth”.
Following the announcement the Australian dollar was up against its U.S. counterpart, with AUD/USD gaining 0.81% to hit 0.8464.
In a statement, the Reserve Bank of Australia said it would hold the overnight cash rate at 4.5% in July, for the second consecutive month.
The decision to hold the rate steady was in line with expectations.
Commenting on the decision, central bank governor Glenn Stevens said “Caution in financial markets has been evident in the past couple of months, driven principally by concerns about European sovereigns and banks but also by some uncertainty about the pace of future global growth”.
Following the announcement the Australian dollar was up against its U.S. counterpart, with AUD/USD gaining 0.81% to hit 0.8464.