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Aussie Drop Halted by Commodities Rally as Stevens Target Nears

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Reserve Bank of Australia Governor Glenn Stevens will have to wait a little longer for the nation’s currency to weaken to his preferred level of 75 U.S. cents.

The Australian dollar erased losses, boosted by rallying commodities including industrial metals and crude oil, after dropping to a 5 1/2-year low of 76.26 U.S. cents. The currency fell as much as 2.3 percent after the central bank cut its benchmark interest rate to a record 2.25 percent, joining at least 12 monetary authorities that have eased policy this year.