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Australian dollar falls

The Australian dollar has fallen Friday, buying 69.51 US cents from 69.77 US cents on Thursday.

Yesterday morning, the local currency was at 69.77 US cents from 69.83 US cents.

The dollar currently buys $1.04 New Zealand dollars, 75.54 Japanese yen, 62.35 Euro cents, 55.8 British pence, 4.77 Chinese yuan renminbi.

The Australian dollar eased further yesterday afternoon, after Reserve Bank of Australia Governor Philip Lowe reiterated that policy could be eased again if needed and emphasised that interest rates would be staying low for an “extended” period of time, boosting bonds.

Dr Lowe’s new outlook on keeping rates low was taken as a step into forward guidance and taken as a dovish development by the bond market.

Lowe later said he would not characterise it as “forward guidance”, but the market still chose to take it that way.

Lowe also rejected calls for a shift in the RBA’s long-term inflation target of 2-3 per cent, saying evidence did not support a change.

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