The Australian dollar continued its downward direction on Wednesday following it briskly reached a one-week high as the Reserve Bank of Australia retained its cash rate.

The Aussie traded at 76.42 US cents from Tuesday’s 76.93 US cents. It also ended at 70.56 euro cents from 70.36 euro cents, and 51.55 British pence from 51.58 British pence.

The currency dropped because RBA clarified its intention “to cut the cash rate in the coming months,” said Sean Callow, Senior Currency Strategist at Westpac.

The material has been provided by InstaForex Company –