AUD bouncing around

The Australian dollar traded steadily on Friday, after sustaining sharp losses a day earlier. The RBA lowered its forecast for GDP of 2-3% in the year through June 2015, down from 2.25-3.25% in the May projection. The RBA added that the unemployment rate was likely to “remain elevated for some time”. The RBA statement also took note of the high value of the Australian dollar, which has gained about 6% since February.