15th April 2014
Policymakers from the Reserve Bank of Australia (RBA) expect to keep interest rates low for a prolonged period.
This is according to minutes from the bank's latest policy meeting, published today (April 15th).
The RBA said the current low borrowing costs are helping to boost domestic economic growth and so are likely to remain close to this level for some time.
After the publication of the minutes, the Australian dollar weakened against its US counterpart in forex trading markets, with the greenback boosted after official data showed American retail sales climbed by more than anticipated in March, recording a 1.1 per cent gain.
In addition, the result for February was upwardly-revised and these figures come ahead of consumer price inflation data due later today, while investors are also awaiting a speech from Federal Reserve chair Janet Yellen.
During Asian trading, the Aussie weakened to a session low of $0.9386, before subsequently consolidating at $0.9461 - down by 0.33 per cent for the day.
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