Australia’s central bank hikes rates by 25 basis factors, defies expectations

The Reserve Bank of Australia on Tuesday once more defied market expectations and raised its benchmark price by 25 basis factors to 4.1%.

Economists polled by Reuters have been broadly anticipating the central bank to carry its rates regular.

The Australian greenback rose by 0.73% to 0.6667 in opposition to the U.S. greenback shortly after the choice because the central bank grapples with the newest inflation price of seven% for March quarter. Australian shares fell additional, and the S&P/ASX 200 final traded 1.14% decrease.

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