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The Reserve Bank of Australia’s (RBA) Deputy Governor, Guy Debelle, said on Wednesday that they will not be raising the cash rate until they see inflation sustainably back in the 2-3% range, as reported by Reuters.

“The current expectation is that won’t happen until 2024,” Debelle added. ”  If we hadn’t provided the stimulus, we’d have had a much higher currency.”

Market reaction

The AUD/USD pair remains on the back foot following these comments and was last seen losing 0.13% on a daily basis at 0.7612.