The RBA's got an unreliable currency compass

The Reserve Bank's rates decision targeted the dollar, not the economy, and with this strategy there is no clear end game.

The Reserve Bank’s decision yesterday was an odd one considering that it comes after a surge in US jobs and the biggest increase in domestic retail sales in about six years. It certainly wasn’t a good one when you consider the negative impact rate cuts have had on confidence this cycle - confidence has actually deteriorated since the bank started easing rates.

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