Westpac reverses its call for higher rates in Australia, now saying it expects a series of rate...


Westpac reverses its call for higher rates in Australia, now saying it expects a series of rate cuts to commence by 2011's end. "Interest rates are too high ... given the state of the non-mining sectors and a downward adjustment is required to avert a damaging round of contraction." The aussie dives 1% on the news, now buying $1.0652.

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