19th November 2013
The Australian dollar has strengthened against its US counterpart today (November 19th), following the publication of the minutes from the latest meeting of the Reserve Bank of Australia (RBA).
Despite stating the Aussie dollar is "uncomfortably high", the minutes show policymakers are confident recent cuts to interest rates have had the desired effect in boosting economic growth. Despite this, the RBA retains the option of further loosening its monetary policy if the need arises.
The US dollar came under pressure in forex trading markets amid speculation the Federal Reserve will maintain its quantitative easing programme into next year.
New York Fed president William Dudley said yesterday he is becoming increasingly hopeful the US economy is improving, but investors do not expect this to be enough to encourage the bank to cut its asset purchases before the end of 2013.
As of 11:50 GMT, the Aussie dollar was trading 0.48 per cent higher against the greenback at $0.9421.
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