The Australian dollar tumbled Tuesday as the minutes from Reserve Bank of Australia’s policy meeting rendered few merits on the currency’s advances.
Earlier, the Aussie reached a two-week peak of $0.7166 after the Liberal Party ousted Tony Abbott as the country’s prime minister. It ended at $0.7130.
Former Goldman Sachs banker Malcolm Turnbull is expected to be sworn in as Australia’s 29th premier today.
A trader at a Japanese bank mentioned sellers are still waiting to sell the currency on a high “as commodity markets remain low.”
The currency was also affected by a plunge in Chinese shares.
The material has been provided by InstaForex Company – www.instaforex.com