SYDNEY: The Australian dollar has jumped back above US78¢ ahead of Tuesday’s highly anticipated Reserve Bank board meeting.
At 6.30am AEDT on Tuesday, the local currency was trading at 78.16 US cents, up from 77.81 cents on Monday.
There’s a two-in-three chance the RBA will cut the cash rate to a new record low of 2.25 per cent at 1430 AEDT, according to market expectations.
The Aussie rose 0.7 per cent to US78.19¢, following a 12 per cent drop in the last three months, and up from Monday’s local close of US77.81¢.
