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Australia’s central bank raises rates 50bp to 1.85%

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SYDNEY — Australia’s central bank raised its cash rate 50 basis points to 1.85% on Tuesday and flagged yet more tightening ahead, though it added that policy was not on a pre-set path.

Wrapping up its August policy meeting, the Reserve Bank of Australia (RBA) said the hike was a further step in the “normalization” of policy, dropping a previous reference to removing “extraordinary” stimulus.

The fourth hike since May had been widely expected, but the changes to the statement were taken as slightly dovish and the local dollar fell 0.4% to $0.6992.

(Reporting by Wayne Cole; Editing by Sam Holmes)



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