Questions about the near-term about the economy of Australia prompted the Aussie to slip in value on Tuesday as the Aussie endured its biggest losses in about two weeks against the world's reserve currency, according to Bloomberg.
Minutes from the early June meeting of the Reserve Bank of Australia indicated that interests rates are poised to remain low during the economic recovery. Policy makers are likely to leave stimulus measures unchanged in the near term.
"The transition in activity was never going to be as simple or neat as hoped for amid numerous structural challenges," strategist Sue Trinh with RBC Capital Markets in Hong Kong told Reuters on Tuesday. "The RBA appears to be injecting a little more of that uncertainty into its communication."
The Australian dollar dropped roughly 0.5 percent against the greenback on Tuesday.
The South Pacific nation is aiming to migrate away from an economy founded on public spending and mining investment, Reuters reports. But the minutes also noted questions remain as to whether the central bank is doing enough to spur economic growth and development in the South Pacific nation.
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