Australia central bank seen cutting rates twice, introducing QE in 2020: Westpac

Australia's central bank is likely to cut interest rates twice next year, t...

SYDNEY - Australia’s central bank is likely to cut interest rates twice next year, taking the cash rate to 0.25% by June 2020, and then introduce quantitative easing , Westpac Banking Corp said on Wednesday in a change to its house forecasts.

The revised outlook followed a speech by Reserve Bank of Australia Governor Philip Lowe on Tuesday, in which he said he did not expect to have to use QE in Australia, but that it could happen if the cash rate was cut to 0.25%. The Australian dollar eased in afternoon trade to around $0.6770, just above its lows for November. The currency had been on the defensive through the day after markets factored the potential for an extra rate cut.

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