The dollar was firm on Tuesday and the Aussie under a little pressure as traders watched out for the Reserve Bank of Australia’s interest rate decision with bets that rates may have peaked.
The Aussie was 0.5% lower at $0.6431 in early trade. Softer than expected inflation data for July has markets all but certain the cash rate will stay on hold at 4.1% when the RBA announces its decision in the next few hours, far lower than where U.S. overnight rates are at about 5.25-5.5%.
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