Australia's central bank on Tuesday raised interest rates for the second time in just over a month as evidence mounts the nation's economic recovery is building momentum.
The dollar and yen fell Monday in volatile trading as steady stocks and data showing further evidence of an economic recovery around the world dampened safe-haven demand for the U.S. and Japanese currencies.
The dollar fell against its major rivals Thursday as investors flocked to higher yielding assets such as stocks and commodities on better-than-expected earnings results and jobs data.
Australia became the first OECD nation to raise interest rates on Tuesday when its central bank increased the official cash rate from 3 percent to 3.25 percent.
The Reserve Bank of Australia on Tuesday cut its cash rate, or overnight money market interest rate, by 1 percent to 3.25 percent in an effort to stimulate demand and cushion the nation's economy amid a global recession.
Australia's economic growth slowed to 0.1 percent in the third quarter of 2008, its slowest rate in nearly a decade, according to government figures released Wednesday.
Asian stocks looked set to post their best daily gain in nine years on Monday after the Federal Reserve slashed a key U.S. bank lending rate, while the yen fell as fears of a credit crunch faded and risk appetite rose.
Asian stocks were on track for their biggest rally in more than three years Monday after the U.S. Federal Reserve slashed a key U.S. bank lending rate, helping soothe jitters about a worldwide credit shortage.
Australia's central bank on Tuesday raised interest rates for the second time in just over a month as evidence mounts the nation's economic recovery is building momentum.
The dollar and yen fell Monday in volatile trading as steady stocks and data showing further evidence of an economic recovery around the world dampened safe-haven demand for the U.S. and Japanese currencies.
The dollar fell against its major rivals Thursday as investors flocked to higher yielding assets such as stocks and commodities on better-than-expected earnings results and jobs data.
Australia became the first OECD nation to raise interest rates on Tuesday when its central bank increased the official cash rate from 3 percent to 3.25 percent.
The Reserve Bank of Australia on Tuesday cut its cash rate, or overnight money market interest rate, by 1 percent to 3.25 percent in an effort to stimulate demand and cushion the nation's economy amid a global recession.
Australia's economic growth slowed to 0.1 percent in the third quarter of 2008, its slowest rate in nearly a decade, according to government figures released Wednesday.
Asian stocks looked set to post their best daily gain in nine years on Monday after the Federal Reserve slashed a key U.S. bank lending rate, while the yen fell as fears of a credit crunch faded and risk appetite rose.
Asian stocks were on track for their biggest rally in more than three years Monday after the U.S. Federal Reserve slashed a key U.S. bank lending rate, helping soothe jitters about a worldwide credit shortage.
Asian stocks headed for their biggest weekly fall in nearly a decade Friday and the yen rose, as stubborn credit fears drove investors away from risky trades despite a dramatic late turnaround on Wall Street.
Asian stocks headed for their biggest weekly fall in nearly a decade on Friday as stubborn credit fears drove investors away from risky trades, despite a dramatic late rebound on Wall Street.
European Central Bank President Jean-Claude Trichet called for investors to keep their cool on Tuesday after central banks worldwide slowly withdraw extra cash pumped in to avert financial panic.
The European Central Bank added more than $10 billion in extra funds to markets for a fourth day Tuesday but on a smaller scale, as central banks slowly pull out extra cash pumped in to avert panic about a credit squeeze.
The European Central Bank mounted a second day of action to calm panicky credit markets Friday, after Asia central banks joined a global campaign by monetary authorities to inject extra cash into banking systems.
Australia's central bank has left interest rates steady at 5.5 percent after last month's rise, in a climate of higher oil prices and slowing economic growth.
Commonwealth Bank of Australia has posted a record net profit of Aust. $2.572 billion ($1.832 billion) on strong lending in its Australian and New Zealand markets.
The page you requested cannot be found. The page you are looking for might have been removed, had its name changed, or is temporarily unavailable.
Please try the following:
• If you typed the page address in the Address bar, make sure that it is spelled correctly.
• Open the edition.cnn.com home page and look for links to the information you want.
• Use the navigation bar above to find the link you are looking for.
• Click the Back button to try another link.
• Enter a term in the search form below to look for information on CNN sites or the Internet.
Video
