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RBA cuts interest rates for second time this year

Local dollar rallies after initial drop as investors wonder whether easing cycle might now be over
Wednesday, May 6, 2015 - 05:50
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The RBA statement announcing the rate cut noted some rally in the economy while omitting a mention that further action could prove necessary.

Sydney

AUSTRALIA'S central bank cut interest rates for the second time this year on Tuesday, seeking to buttress the economy against sliding mining investment while heading off a harmful increase in the local dollar.

The currency did initially drop after the Reserve Bank of