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The Reserve Bank of Australia (RBA) released its minutes from June monetary policy meeting on Tuesday. The RBA said that the monetary policy should be accommodative.
The Australian dollar's exchanged rate "continued to offer less assistance", according to the central bank. Board members pointed out that further depreciation of the Australian dollar "seemed to be both likely and necessary". The interest rate cut will be depend on the incoming economic data.
The RBA kept unchanged its interest rate at 2.00% in June.
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