Australia’s central bank holds rates, drops ‘patient’ pledge

SYDNEY: Australia’s central bank kept its cash rate at a record low of 0.1% on Tuesday but dropped a previous pledge to be “patient” on tightening policy, taking a step toward the first rate rise since 2010.

Wrapping up its April policy meeting, the Reserve Bank of Australia (RBA) said it would assess information “over coming months” on inflation and labour costs in determining policy.

Australia, NZ dollars underpinned by commodities, yields

Analysts had expected no change this week but some looked for a first rise as early as June while others saw a move in August or September.