Aussie Gains, Reversing Declines, as RBA Currency Rhetoric Muted
- Currency jumped 13% from low set in January to March 31 high
- Stevens said last month Aussie may be getting ahead of itself
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Australia’s dollar gained, reversing earlier declines, after Reserve Bank Governor Glenn Stevens held interest rates at a record low and fell short of calling for a weaker currency as some analysts had speculated he would.
Australia’s currency has climbed recently, spurred by a rebound in commodities and monetary policy movements globally, Stevens said. “Under present circumstances, an appreciating exchange rate could complicate the adjustment under way in the economy,” he added.