High RBA hopes for a lower dollar

Relief for the economy remains modest as the Australian dollar edges above US90 cents. That will make the Reserve’s position awkward if a post-election confidence pick-up is not forthcoming.

Having cut official rates at the onset of the federal election campaign, it was improbable that the Reserve Bank would take any further action with days to go until the election itself. The response of the Australia dollar to the inaction, however, might be a factor in future decisions.

The dollar edged back up above US90 cents above, one suspects, the level at which the RBA would like it to trade.

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