Forex Pros - The Reserve Bank of Australia kept its benchmark interest rate unchanged for the sixth straight meeting in June, it announced on Tuesday.
In a statement, the RBA said it was keeping its benchmark interest rate unchanged at 4.75%, broadly in line with expectations.
In its accompanying rate statement the RBA said, "The floods and cyclones over the summer have reduced output in some key sectors. As a result there was a sharp fall in real GDP in the March quarter, despite a solid increase in aggregate demand."
The statement added that the Board judged that the current mildly restrictive stance of monetary policy remained appropriate. In future meetings, the Board will continue to assess carefully the evolving outlook for growth and inflation.
Following the decision, the Australian dollar was down against its U.S. counterpart, with AUD/USD shedding 0.24% to trade at 1.0686.
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