Australian dollar bounces back above 78 US cents

THE Australian dollar has bounced back above 78 US cents ahead of Tuesday’s highly anticipated Reserve Bank board meeting.

Australian currency.

THE Australian dollar has bounced back above 78 US cents ahead of Tuesday’s highly anticipated Reserve Bank board meeting.

At 0630 AEDT on Tuesday, the local currency was trading at 78.16 US cents, up from 77.81 cents on Monday.

There’s a two-in-three chance the RBA will cut the cash rate to a new record low of 2.25 per cent at 1430 AEDT, according to market expectations.