The Australian dollar has drifted lower today after a positive stance from the RBA at their local minutes meeting but on the back of a possible bullish stance from the US Federal Reserve about the state of the US economy with their speech tomorrow.
At 6.08pm (GMT) the local currency had shed around 30c from yesterday’s close to trade around US73.39c.
In their latest minutes meeting the RBA noted that slowly but surely the Australian economy was beginning to transition away from non mining investment and finding its feet in other areas of the economy,
"The currency is taking its cue from the RBA being a little bit more optimistic about the economy," Commonwealth Bank of Australia senior currency strategist Joseph Capurso said.
"For example, the labour market – business are hiring more people; they also talked about non-mining business profits increasing and business conditions are clearly above average."
One of the industries benefiting from a lower Aussie dollar is the tourism sector as more tourists flock to Australia and local residents stay home as it has become more expensive to travel overseas which could benefit the Australian dollar in the short term.
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