Business Services Industry
Reserve tipped to ignore rate pleas.
Australasian Business Intelligence, July, 2003
Jul 03, 2003 (The Australian - ABIX via COMTEX)
The Reserve Bank of Australia (RBA) will ignore demands from business groups to cut interest rates. Exporters are concerned that a high Australian dollar will make their products uncompetitive. The RBA is unconcerned that the Australian dollar has reached a five-year high of $US0.68, closing at $US0.6819 on 3 July 2003. The dollar's rise has made Japanese "uridashi" bonds popular, National Australia Bank (NAB) market strategist Michael Jansen says. Economists at RBC Capital Markets believe that the RBA has alternatives to cutting interest rates. SG Australia's chief economist, Glenn Maguire, said the dollar will reach $A0.80 by the end of 2003 if RBA cuts interest rates.
Publication Date: 4 July 2003...
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