Australia's central bank kept interest rates steady for the 10th policy meeting in a row on Tuesday, and seemed set to stay on the sidelines for some time to come as the economy weathers a cooling down in mining investment.
The local dollar hopped higher as the Reserve Bank of Australia (RBA) stopped short of actively trying to talk the currency lower, noting only that it was high by historical standards and thus not as helpful in supporting the economy.
"Looking ahead, continued accommodative monetary policy should provide support to demand and help growth to strengthen over time," stated RBA Governor Glenn Stevens, in what has become a monthly mantra.
"On present indications, the most prudent course is likely to be a period of stability in interest rates."
Financial markets suspect this "period" could be very long indeed. The bank's last rate move was in August 2013, but interbank futures imply little chance of another change until late in 2015.
All 24 analysts polled by Reuters had expected rates to stay at 2.5 percent this month. The vast majority assume the next move will be up, but not until the first quarter of next year at the earliest.
The central bank seemed to close the door on another easing back in February, amid mounting evidence that record-low rates were filtering through to consumer demand and housing.