The monetary unit of Australia dipped on Thursday against the U.S. dollar amid concerns about weak investment in business, according to Reuters.
The Aussie has somewhat stabilized thus far this year after having slumped during the second half of last year. Capital spending in the South Pacific nation fell 5.2 percent during the fourth quarter of last year.
"There has been a bit of a turn in sentiment on the Aussie in the past month and that is down to the RBA, so if we get down to around 89 against the dollar we should see some support," strategist Derek Halpenny with the Bank of Tokyo Mitsubishi UFJ in London told Reuters on Thursday. "We're not a million miles from the level we think we should eventually get to, which is around $0.85 but I don't think we'll see that now."
The Reserve Bank of Australia has adjusted its denouement after having embarked on stimulus programs last year to prompt development and growth.
News.com.au reports the Aussie is likely to be impacted by the congressional testimony of Janet Yellen, who assumed leadership of the U.S. Federal Reserve earlier this month.
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