AUDUSD rises after RBA meeting minutes

The Australian dollar rose against its US counterpart on Tuesday, after the Reserve Bank of Australia (RBA) reiterated that interest rates will remain on hold for another round.

The minutes of the RBA showed that the bank intends to keep interest rates a record lows in order to support growth, while the central bank also said that the nation’s currency remains overvalued.

This came amid expectations that the Australian economy will achieve growth below the normal range during the next two years.

The Australian dollar recorded its highest level against the US dollar during the late Asian trading at 0.8735, and the AUD/USD pair traded around 0.8714 at 12:09 GMT.