Aussie dips as RBA minutes put forward necessary and likely depreciation in exchange rate

AUDUSD is currently trading around 0.7361 levels and well supported below 0.7400 levels

The Australian dollar eased on Tuesday as minutes from the RBA's July 7 meeting reiterated the bank's stance that depreciation in the Australian dollar is both necessary and likely. Although the exchange rate against the US dollar was close to levels last seen in 2009, the decline in the Australian dollar had been more modest in terms of a basket of currencies.

The Australian economy has suffered sub-trend growth in recent years due to the winding down of the mining-investment boom, as a consequence of the sharp drop in global commodity prices over the last two years.