Dollar tumbles, Aussie soars following RBA minutes

On Tuesday, the US dollar descended during Asia trade, while the Australian dollar edged up after the major bank minutes ruined expectations an interest rate decrease.

The Australian dollar was mostly backed up by a recent rebound in oil futures. Meanwhile, US crude achieved a six-month peak, as the energy market focused on supply disruptions.  

The Aussie surged 0.8%, trading at $0.7349 after reaching $0.7368.

The dollar index, traditionally tracking the US currency against six major counterparts, edged down 0.1%, being worth 94.450, inching away from a three-week peak of 94.845 hit on Friday.

The Japanese yen mostly stood still ahead of the upcoming G7 finance leaders' gathering in Sendai, the northern region of Japan, on May 20-21. The greenback dipped 0.1%, trading at 108.92 yen. As for the euro, it also headed south with its 0.1% loss and 123.25 yen.

The G7 gathering could expose a rift on issues varying from currency as well as fiscal policies within the group of advanced economies, breaking Japan's hopes for a coordinated policy response.

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