Australian Dollar Maintains Slide on RBA Rate-Cut Bets
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Australia’s dollar reached a more than three-month low as traders increased bets on how much the nation’s central bank will cut benchmark rates, damping demand for the country’s assets.
The so-called Aussie weakened after the Reserve Bank of Australia lowered on Feb. 8 its forecasts for inflation and growth, citing a soft labor market and high currency. It remained lower after dropping yesterday against New Zealand’s dollar as reports in the smaller economy showed new house prices and spending on electronic cards rose.