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Australian Dollar higher on Bank minutes
03 July 2012
Australian Dollar rates have dropped overnight, after the Australian Reserve Bank held interest rates at 3.5%, and the accompanying minutes indicated that interest rates are unlikely to be cut in August.
Analysts had pondered whether the central bank might be minded to reduce the headline rate by 0.25% in July or August, but the decision to cut rates in June turned out to be finely balanced, meaning that interest rates are now seen as more likely to stay at 3.5%.
Lower interest rates tend to give a weaker currency, so the change in perception has strengthened the Aussie Dollar, giving lower rates for money transfers to Australia.