The Australian dollar on Friday was set to mark weekly losses against the world's reserve currency as the Reserve Bank of Australia prepared to release the minutes of its most recent policy meeting next week, Bloomberg reports.
The key discussion from the August 6 policy meeting is regarding indications about what lies ahead for interest rates in the South Pacific nation. The currency fell 0.1 percent on Friday as it headed toward weekly losses amounting to 0.8 percent since last Friday.
"It could be described as a cautious move higher by the Australian dollar today, particularly in light of growing expectations that US tapering could be imminent which would benefit the greenback," senior trader Tim Waterer with CMC Markets told The Australian on Friday.
Also impacting the Friday performance of the Aussie was stronger-than-forecast U.S. economic data indicating jobless applications fell to the lowest amount since late 2007.
The information released by the U.S. Labor Department is additional ammunition that the central bank considers as part of the decision-making process regarding the status of economy-spurring stimulus measures, The Australian reports.
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