AUD/USD Declines to Near 11-Day Low

The Australian Dollar (AUD) declined against the U.S. Dollar (USD) on Tuesday, after the release of the Reserve Bank of Australia’s (RBA) June meeting minutes.

Minutes showed that the Australian central bank remains committed to extending the quantitative easing, seeing that tapering or ending the bond buying program would be premature under current circumstances.

Although the current AUD 100 billion cycle of asset purchases expires in September, it is likely to be extended, with a decision expected in the July 6 meeting.

The minutes showed the RBA’s dovish tone with no hurry to begin raising rates next year, with expected subdued inflation and wage pressures until at least 2024.

The AUD/USD showed a mostly downward performance today, with the pair touching its lowest level in about 11 days at 0.7674, while its daily high was at 0.7717.

The pair is trading lower for the day by 0.31% at 0.7688.