Australian Central Bank Sets Rates Steady

The central bank of Australia remained rates unchanged at 1.5 percent during its policy meeting on Tuesday.  The bank also mentioned its projection about the growth of economy Down Under by 3 percent per annum basis while inflation could exceed its 2 percent target.

Monetary easing is no longer expected within major economies as the board of judges decided to be consistent with the rates considering its sufficiency to sustain growth in the economy as well as to gain the target inflation in time.

The expected interest rates were at its lowest point that provided support to the Aussie dollar and reach a high rate of $0.7675 subsequent to the decision made by the Reserve bank of Australia, compared with the $0.7637 prior to the announcement.