The Monetary Policy Committee today agreed to maintain the Official Cash Rate at 5.50%. Interest rates are restricting spending in the economy and consumer price inflation is declining, as is necessary to meet the Committee's Remit. However, inflation remains too high, and the Committee remains wary of ongoing inflationary pressures.
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Commodity currencies such as the Australia, the New Zealand and the Canadian dollars strengthened against their major currencies in the Asian session on Wednesday, as Asian stock markets traded mostly in the green, following the broadly positive cues from the Wall Street overnight.