RBA Maintained its Rates Amid a Global Rate Hike

One of the top central banks stated that the interest rates of the Reserve Bank of Australia will set to be kept at a record low for some time but some hawks push the currency to drop from a two-year peak. The rate hike was canceled out following the increase of interest rate to 0.75 percent in the previous week according to the deputy governor of Australia. She noted that the RBA doesn’t need to raise their rates when other central banks in the world did which opposes the recovery of the Australian currency, after a rise in mining investment for a decade halted. The development of the world economy may be beneficial for the country but it works against the currency.