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Forex - AUD/USD trims losses after slipping on RBA minutes

Published 06/21/2011, 02:51 AM
Updated 06/21/2011, 02:51 AM

Investing.com – The Australian dollar trimmed losses against its U.S. counterpart on Tuesday, recovering ground lost after the minutes of this month’s Reserve Bank policy meeting said it was “prudent” to keep interest rates unchanged.

AUD/USD pulled away from 1.0531, the daily low, to hit 1.0577 during late Asian trade, still down 0.04% on the day.

The pair was likely to find support at 1.0496, Monday’s low and resistance at 1.0713, the high of June 13.

The Reserve Bank of Australia kept the benchmark interest rate unchanged at 4.75% at the June 7 meeting, amid concerns that the sovereign debt crisis in the euro zone could worsen.

“Members judged that it would be prudent to leave the stance of policy unchanged, pending further data on international developments,” the minutes said.

A likely acceleration in inflation from commodities-led growth “suggested that further tightening in monetary policy would be necessary at some point.”

The Aussie was also slightly lower against the yen, with AUD/JPY slipping 0.18% to hit 84.77.

Later in the day, the U.S. was to publish industry data on existing home sales.


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