Dollar steadies, Aussie slips as RBA looms
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TOKYO : The dollar was firm on Tuesday and the Aussie under a little pressure as traders watched out for the Reserve Bank of Australia's interest rate decision with bets that rates may have peaked.
The Aussie was 0.5 per cent lower at $0.6431 in early trade. Softer than expected inflation data for July has markets all but certain the cash rate will stay on hold at 4.1 per cent when the RBA announces its decision in the next few hours, far lower than where U.S. overnight rates are at about 5.25-5.5 per cent.
The meeting is Governor Philip Lowe's last before Michelle Bullock takes over, and focus will be on what can be gleaned from the outlook. Australia cut its wheat export forecast on Tuesday, though current account data showed that for the second quarter volumes for all exports helped to boost the economy.
