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RBA may yet have to change tack on rates

While the Reserve Bank of Australia’s (RBA) decision to leave interest rates on hold at 2.0% for the fourth meeting in row suggests that the chances of further rate cuts have faded further, we still wouldn’t rule out rates being reduced again, perhaps eventually to 1.5%. This would provide more downward impetus for the dollar, which has already fallen close to our end-year forecast of US$0.70.

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