Aussie recovers after absorbing RBA meeting minutes

Australian dollar recovered from its 10-year low against the US dollar after the release of the Reserve bank's meeting minutes.

The events of the meeting this month showed that the Reserve Bank of Australia (RBA) hinted at a new rate cut this year.

The central bank aims to further cut interest rates from the current rate of 1.25% in order to reduce unemployment, revive economic growth and increase wages.

Expectations are for another interest rate cut to 1% by next August and a further reduction to 0.75% by early next year.

Like most global central banks, led by the US Federal Reserve and the European Central Bank, the Reserve Bank of Australia is hinting at further cuts in interest rates to counter the impacts of the US-China trade war that has slowed economic growth.

In terms of trade, at 15:31 GMT, AUD/USD rose by 0.3% to 0.6874, and recorded the highest price at 0.6881, with the lowest at 0.6831.