Australia's RBA holds rates

Australia's central bank held its cash rate steady on Tuesday to confound calls for a cut and sending the local dollar sharply higher, though it did leave the door wide open for an easing at future policy meetings. The currency jumped half a US cent after the Reserve Bank of Australia (RBA) said it was too early to follow February's quarter point cut to a record low of 2.25 percent.
"The Board judged that, having eased monetary policy at the previous meeting, it was appropriate to hold interest rates steady for the time being," RBA Governor Glenn Stevens said after the bank's monthly policy meeting. "Further easing of policy may be appropriate over the period ahead. The Board will further assess the case for such action at forthcoming meetings." The explicit easing bias was likely intended to limit upward pressure on the Australian dollar, given how many other central banks have joined the global rush to the bottom on rates.