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Aussie Gains In Early Asia Ahead Of RBA Minutes, Dollar On Backfoot

12/19/2017, 10:24:42 AMMarket Analysis
Aussie Gains In Early Asia Ahead Of RBA Minutes, Dollar On Backfoot

 The Aussie rose slightly ahead of central bank minutes later on Tuesday with the dollar holding weaker despite the expected passage of US tax cuts this week.

AUD/USD traded at 0.7664, up 0.03%, while USD/JPY changed hands at 112.56, up 0.01%.

The Reserve Bank of Australia releases monetary policy minutes and the Bank of Japanbegins a two-day policy meeting.

Overnight, the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted down 0.25% to 93.23.

The dollar continued to fall against other major currencies on Monday as holiday season kicks in.

Trading volumes were expected to become more and more thin throughout the week, ahead of the Christmas holiday.

The euro was supported by data that showed euro zone inflation rose in November but still came in below the European Central Bank’s target rate. Meanwhile Germany's Social Democrats agreed on Friday to open coalition talks with Chancellor Angela Merkel, providing a chance to end the country's political deadlock.