During the early Asian session on Tuesday, the Australian dollar slipped against most major currencies following the release of Reserve Bank of Australia's minutes of its September 4 meeting.
Members of the Reserve Bank of Australia's monetary policy committee felt that the Australian economy was growing as expected, minutes revealed.
The members further noted a sharp fall in commodity prices, which figures to affect the Australian economy - although the effect of the current monetary policy continues to be successful.
At the meeting, the RBA kept its benchmark cash rate unchanged at 3.50 percent for a third consecutive month.
The aussie that closed yesterday's deals at 1.0478 against the U.S. dollar touched 1.0439, its lowest level in 5 days. If the aussie slides further, it may target 1.04 level.
Against its Canadian and Japanese counterparts, the aussie fell to a 5-day low of 1.0182 and a 4-day low of 82.02 and the aussie may break 1.015 and 81.5, respectively on the downside. At Monday's close, the aussie was worth 1.0216 against the loonie and 82.47 against the yen.
The aussie also underperformed against the euro, falling to 1.2547 for the first time since mid-June. On the downside, the aussie may target 1.26 level. The euro-aussie pair ended yesterday's trading at 1.2526.
In the European session, U.K. CPI for August, DCLG house price index for July and German ZEW economic sentiment index for September are due.
From the U.S., current account data for the second quarter and NAHB housing market index for September are expected in the American morning session.
by RTT Staff Writer
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