Tuesday saw the monetary unit of Australia lose vale as concerns gained momentum for the slackening pace of economic growth in China, Bloomberg reports.
The market was essentially unmoved by the release of minutes from the March 6 meeting of the Reserve Bank of Australia, according to The Sydney Morning Herald. Policy makers said interest rates were subject to a reduction if necessary.
But one currency strategist said the minutes proved to be one factor that boosted the Australian dollar.
"The minutes are relatively supportive of the Aussie," Asian currency strategy head Thomas Harr with Standard Chartered in Singapore told Bloomberg. The central bank of Australia "has been pretty consistent in their message recently that basically rates are on hold."
Losses to the Aussie on Tuesday came after the monetary unit touched its top value against the Japanese yen since May of last year. But Asian stocks' poor performance detracted from the value of the New Zealand dollar.
This year's growth target in China, the host of the globe's most rapidly developing economy, is 7.5 percent, a reduction from the 8 percent figure that has been consistent in the Asian nation for the past seven years.
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