Australian Dollar Attempts to Bounce

The Australian dollar dropped a little after the nation’s central bank released the minutes of its latest policy meeting. The fall was small and the currency is attempting to bounce right now.
The Reserve Bank of Australia released the minutes of its June meeting today. The report confirmed the central bank’s easing bias, though Australian policy makers preferred to wait for more economic data before deciding if an additional interest rate cut is necessary. As for the currency’s strength, the minutes noted:

Members noted that a lower exchange rate would have an immediate beneficial effect on some sectors, such as tourism, but that it would need to be lower for a sustained period to have a significant effect on large investment decisions in other trade-exposed sectors.

AUD/USD traded near its opening level of 0.7764 as of 13:49 GMT today after falling to 0.7721 earlier. AUD/JPY traded at about 95.78 following the drop from 95.82 to 95.40.

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