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The Reserve Bank of Australia kept its benchmark cash rate unchanged at 2.5 percent, as expected, in a statement almost unchanged from a month ago, reiterating economic growth has been below trend and inflation will likely remain contained. Governor Glenn Stevens also reiterated that the Australian dollar is “uncomfortably high” and that a weaker currency is probably needed to achieve …

The New Zealand dollar rose above 90 Australian cents after the Reserve Bank of Australia kept its key rate unchanged, while complaining about its own over-valued currency, adding to the view that the local economy is faring better than across the Tasman. The kiwi rose to 90.01 Australian cents at 5pm in Wellington from 89.89 cents immediately before the release, …