The Australian dollar is trading lower today after the latest minutes meeting from the Reserve Bank of Australian where they left the door open for further rate cuts in the future.

At5.03pm (GMT) the Aussie dollar was trading at US74.93c down from US75.01c in yesterday’s trading.

Although the RBA noted in the minutes, that any future interest rate movements would be data dependent, they mentioned that inflation was still a worry and is sitting well below the target range.

“The Board noted that further information on inflationary pressures, the labour market and housing market activity would be available over the following month and that the staff would provide an update of their forecasts ahead of the August Statement on Monetary Policy,” the minutes noted

 “This information would allow the Board to refine its assessment of the outlook for growth and inflation and to make any adjustment to the stance of policy that may be appropriate.”

Most analysts now agree that the RBA will be forced to cut rates in August in order to boost inflation and fend off global uncertainty affecting the local market.