RBA Keeps Rates Unchanged | IFCM
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RBA Keeps Rates Unchanged - 7.2.2012

Euro The euro fluctuates around 1.31 dollars in Asian trading hours today before Greece’s Prime Minister Lucas Papademos resumes negotiations with creditors and European officials about the debt-swap deal and austerity measures. Greek authorities have already agreed to reduce spending by an amount equal to 1.5% of the nation’s GDP in 2012, but still there are some more requirements to be discussed so that Greece could receive more financial aid. In the morning the single currency traded in a narrow range 1.3088-1.3136, compared with Friday’s close at 1.3145. Japanese Yen The yen weakened a bit more against the US counterpart today after the Ministry of Finance confirmed that Japan sold more national currency in November, following an 8 trillion-yen intervention on October 31, when the yen climbed to a post-war high of 75.35 per dollar. The November “stealth” operations totaled 1.02 trillion yen, the Ministry reported on its web site. At the same time Japanese Finance Minister Jun Azumi reiterated today that he “won’t rule out any option” to prevent excessive speculative moves of the national currency. Pair USD/JPY rose in Asian trading hours from 76.51 to 76.77 after falling last week to a three-month low 76.02. Australian Dollar The aussie gained ground and strengthened against the greenback from 1.0701 to a new six-month high 1.0812 after the Reserve Bank of Australia unexpectedly decided to keep its benchmark interest rate unchanged at 4.25%. In a statement after the policy meeting the central bank’s governor Glenn Stevens said that “financial market sentiment… has generally improved since early December” despite continuing uncertainty around Europe. He underlined that “information on the Australian economy continues to suggest growth close to trend” and concluded that easier monetary policy would be appropriate “should demand conditions weaken materially.”
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