AUD 02 (Feb 12 - Dec 20)
Posted: Fri Feb 24, 2012 12:24 pmvested
Australian central bank says no intervention plans
Australian central bank governor Glenn Stevens said Friday he had no plans to intervene to weaken a soaring Aussie dollar, which has hit some local industries hard, particularly manufacturing.
The currency has surged in recent years on the back of Australia's commodities boom and relatively high interest rates, trading near or above parity with the greenback for more than 12 months.
But it has hurt trade-exposed sectors with steelmakers and the auto sector shedding jobs in a bid to stay afloat.
Canberra sees a strong currency as the new norm and Stevens said the bank did not intend to enter into a Swiss-style intervention of putting a cap on the currency, at least not yet.
http://www.newsmeat.com/news/meat.php?a ... &buid=3281
Australian central bank says no intervention plans
Australian central bank governor Glenn Stevens said Friday he had no plans to intervene to weaken a soaring Aussie dollar, which has hit some local industries hard, particularly manufacturing.
The currency has surged in recent years on the back of Australia's commodities boom and relatively high interest rates, trading near or above parity with the greenback for more than 12 months.
But it has hurt trade-exposed sectors with steelmakers and the auto sector shedding jobs in a bid to stay afloat.
Canberra sees a strong currency as the new norm and Stevens said the bank did not intend to enter into a Swiss-style intervention of putting a cap on the currency, at least not yet.
http://www.newsmeat.com/news/meat.php?a ... &buid=3281
