Europe's debt situation generates volatility in Australia's economy: Treasury (2)

13:27, June 02, 2010      

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On the upside, very strong data was coming from Asia and east Asian economies including India.

"Despite recent falls in commodity prices, commodity prices remain at very high levels, in fact are consistent with further increases in negotiated prices for bulk commodities," Gruen said.

Australia central bank paused an interest rate rises on Tuesday, citing turmoil on global markets over Europe's debt crisis that had raised the specter of a double-dip recession.

The Reserve Bank of Australia left its official cash rate on hold at 4.5 percent. The decision followed mixed data on Tuesday, with April retail sales up a better-than-expected 0.6 percent from a month earlier but building approvals down 14.8 percent.

The Australian dollar plunged 1.3 percent after the announcement to 83.28 U.S. cents, while the ASX closed down 0.37 percent at 4,413.1.Source:Xinhua
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