October 11, 2018 / 6:40 AM / in 9 days

RBA's Lowe welcomes higher U.S. rates and stronger U.S. dollar

NUSA DUA, Indonesia (Reuters) - The Reserve Bank of Australia welcomes higher interest rates in the United States because that has allowed its own currency to weaken against the U.S. dollar, governor Philip Lowe said on Thursday.

FILE PHOTO - Australia's new Reserve Bank of Australia (RBA) Governor Philip Lowe speaks at a parliamentary economics committee meeting in Sydney, September 22, 2016. REUTERS/Jason Reed

“From Australia’s perspective, we have been hoping for spillover effects for some years ...we have been frustrated for a number of years that the U.S. was not in a position to normalize,” Lowe said.

“If there are spillover effects (for Australia) I think they are positive ones.”

Reporting by Jan Strupczewski and Francesco Canepa; editing by Jason Neely

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