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The Australian dollar fell back Friday after Reserve Bank of Australia Governor Ian Macfarlane warned economic growth had slowed, dampening market expectations for a rate increase within weeks. The Aussie was $0.7844/49, pulling back around 50 basis points from a three-month high overnight of almost 79 US cents. In parliamentary testimony, the central bank chief said he believed further tightening in monetary policy would be needed in the current cycle.

However he was vague about when that tightening would occur, saying simply rate rises would be needed "at some point".

Copyright Reuters, 2005


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