The Australian dollar weakened today after the minutes of the Reserve Bank of Australia monetary policy meeting indicated that there’ll be no increase of the interest rates in the near future.
The minutes explained the difficulties of the Australian economy, including the declining GDP and the ”soft” housing market, as well as influence of the foreign problems. The minutes said that “further tightening in monetary policy would be necessary at some point”. But the central bank’s policy makers remained rather dovish for the near future and concluded that “the flow of data over the past month had not added any urgency to the need for an adjustment to policy”.
EUR/AUD rose from 1.3513 to 1.3567 today as of 10:48 GMT after climbing to 1.3594. USD/AUD traded at 1.0579, near the opening rate of 1.0580, after falling to 1.0531.
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