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Australian dollar weaker ahead of RBA rates decision

The Australian dollar was in focus on Tuesday as net export data disappointed and traders awaited the central bank’s policy decision later today.

The Aussie dollar was 0.2 per cent weaker at $0.7471 ahead of the Reserve Bank of Australia’s afternoon policy decision. Figures released today showed net exports as a portion of gross domestic product declined in the first quarter coming in below estimates, which bodes ill for GDP data set to be released on Wednesday.

The Japanese yen was 0.6 per cent stronger at ¥109.83 to the dollar as data showed wage growth returned in April. Labour cash earnings rose 0.5 per cent year on year in April, coming in above forecasts.

The pound was up 0.2 per cent against the dollar at $1.2920 ahead of Thursday’s general election.

The dollar index, which tracks the greenback against a basket of peers was off 0.1 per cent at 96.678.