Stevens Says Australia Dollar Likely to Be Materially Lower

The red sign on the awning reads, "The Regal Beagle: A Neighborhood Joint" - an ironic phrase, unless you stop to consider where the restaurant is actually located. Indeed, The Regal Beagle - situated in the upscale town of Brookline, Mass., right near The Coolidge Corner Theater - is not just another colorless fast food eatery, as its awning might suggest, but rather an impressive dining establishment that boasts a chic, elegant ambience and a wide range of traditional American options with a refined twist.

The restaurant's facade is deceiving. Nestled snugly in between a baby gear shop and a gym on Harvard Street, the small storefront is rather unassuming. After opening the door, however, the atmosphere shifts noticeably - the modest, somewhat inconspicuous exterior melts away as visitors are greeted by a warm, tasteful interior decor. Dark red wallpaper with an ornate burgundy pattern lines one side of the space, while wood-framed mirrors and a few pieces of artwork hang from the opposite wall. A series of two-person tables are positioned across from a long, brown booth that runs all the way from the front of the restaurant to the cozy bar in the back. A tiny channel splits the two sections of seating, but on a busy night, with people spilling out from around the bar, the room - which is already quite small - feels slightly clustered and claustrophobic.

The Beagle serves brunch, lunch and dinner, and each of these menus offers patrons a selection of comfort food classics with a creative spin. Here, beloved staples like the BLT, mac 'n' cheese and ribs get a makeover, becoming sophisticated dishes worthy of ordering on a night out. Finger food like bacon-wrapped dates are transformed into fancy appetizers with the addition of blue cheese and a ratcheted up presentation: sweet sauce drizzled around the edges of the plate. A basic omelette becomes a house specialty, served with smoked salmon, scallions and a rich cr?me fra?che. And though the restaurant does seem to pride itself on these innovative meals, the menus are also peppered with a few inherently high-end dishes, like a grass-fed sirloin steak and a hazelnut-crusted trout, complete with olive-citrus relish, smoky eggplant and laciento kale.

Another exciting element of the menu is its ever-changing seasonal fare. The Beagle has adapted its ingredients to the dropping temperatures, and the most obvious of these modifications can be found in the restaurant's dessert offerings. Apple pie sundae with spiced apples and caramel, served warm with whipped cream, and a flavorful pumpkin cr?me br?l?e are just some of the delicious options that cater specifically to the fall food lover.

Named after the local pub from the '70s-era show "Three's Company" (1976-1984), the restaurant certainly harkens back to its roots with extensive beer, wine and cocktail lists. According to the restaurant, The Beagle has a "rotating wine program that offers a small selection of boutique wines, all by the glass or bottle." With labels from countries like Spain, New Zealand and Italy, the options are endless. That, along with 22 beers and a plethora of snazzy cocktails, is enough to have customers flocking to the bar alone.

The Beagle's prices cater to its Brookline clientele - and, consequently, are not exactly ideal for a college student looking to grab a quick bite. That being said, in terms of quality and service, the restaurant's prices are entirely reasonable and even a good deal. With dinner entr?es ranging from $17 to $28, The Beagle is a great place for those who want to splurge on a nice meal - and in that regard, it's worth every penny.

The Regal Beagle is open Monday through Friday from 11:30 a.m. to 1 a.m. and Saturday and Sunday from 11 a.m. to 1 a.m. For any questions or to make a reservation, call (617)-739-5151.

Australia’s central bank Governor Glenn Stevens said the local currency’s level isn’t supported by costs and productivity in the economy and the nation’s terms of trade are more likely to fall than rise. The Aussie dropped.

“The foreign exchange market is perhaps another area in which investors should take care,” Stevens said today in the text of a speech in Sydney. “It seems quite likely that at some point in the future the Australian dollar will be materially lower than it is today.” “It would be a mistake to relax for very long in the face of this delay. Surely the ‘taper’ will come,” he told a Citigroup Inc. conference. “For some countries, including Australia, the beginning of a return to something resembling more normal conditions, in at least one major advanced country, would lessen some of the difficulties we face in our own policy choices.”
Currency Decline

The Australian dollar touched 95.30 U.S. cents after the speech, the weakest since Oct. 17, from 95.75 cents just before it was released. The currency traded at 95.43 cents at 10:48 a.m. in Sydney.

The comments were “jawboning trying to get the currency to go down and it’s worked,” said Stephen Walters, JPMorgan Chase & Co.’s chief economist in Australia. “But they want it a lot lower than this, which to me suggests in the 80s somewhere.”

The RBA is balancing low rates that are driving up housing prices against renewed strength in the Australian dollar — among the best performers of group of 10 currencies since late August — that is constraining industries exposed to exports.

Stevens said today that “some” rise in housing prices is a normal response to lower rates and will provide incentive for residential construction, adding that given credit growth is between 4 percent and 5 percent per annum at the moment, it is “a little too early to signal great concern” over price gains.

The caveats, he said, is that credit growth may pick up over the period ahead and and borrowing is increasing “quite quickly” in some pockets of the country.