Australian dollar near one-week low, S&P/ASX 200 at lowest in four months

A steady undertone in the US dollar is keeping the Australian dollar in check over last few sessions. The AUD/USD pair is trading around 0.6480, down marginally on the day and lingering near one-week low. Australian benchmark equity index S&P/ASX 200 edged lower to hit lowest levels in four months after The Reserve Bank of Australia (RBA) dampening chances of further interest rate cuts. RBA noted that it would reduce interest rates only if there was a material deterioration in the labour market. The RBA board said that while current interest rate settings were still a little restrictive, it was possible this was no longer the case, dampening chances of further interest rate cuts. Meanwhile, the US Dollar Index saw good gains in last session, holding well above 99 mark.

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