Aussie drops as RBA holds steady at 1.75%

On Tuesday, the Australian dollar retraced its earlier weakness during Asia trade the country’s major financial institution held steady as expected, while the Japanese yen along with the sterling edged down  

The currency pair USD/JPY was worth 102.11, descending 0.46%. AUD/USD hit 0.7528, tumbling 0.16%, with markets waiting for the final results of the federal elections.  

The Reserve Bank of Australia's cash rate stood still at 1.75% following Tuesday’s board gathering. it caused financial market volatility.

The currency pair GBP/USD was worth 1.3256,descending 0.23%.

Australian exports surged 1%, imports grew 2% month-on-month for May. As for the trade balance, it came in at a deficit of approximately A$2.21 billion. That’s wider than the A$1.5 billion observed. Apart from that, Australian  retail sales for May soared 0.2%, compared to a 0.3% revenue observed month-on-month.

In China, June’s Caixin services PMI hit 52.7. It’s better than the previous value of 52.3. 

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