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SYDNEY Australia's central bank kept its key interest rate on hold at 3.5% on Tuesday, as widely expected. "The board judged that, with inflation expected to be consistent with the target and growth close to trend, but with a more subdued international outlook than was the case a few months ago, the stance of monetary policy remained appropriate," said Gov. Glenn Stevens in a statement alongside the rate decision. The Australian dollar traded at $ 1.0248 after the decision, up from $ 1.0235 just before the announcement.

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