The Australian dollar weakened past $0.64 on Tuesday, reversing gains from the previous session, after the Reserve Bank of Australia kept its policy rate unchanged at 4.35% for the ninth straight meeting.
However, the slightly more dovish tone from the central bank in its policy statement fueled market expectations of an earlier rate cut than previously anticipated.
Last week, data showed Australia's economy grew just 0.3% quarter-on-quarter in the three months to September, lower than the 0.4% growth expected by markets.
In addition, business confidence in Australia weakened sharply in November, further dampening the economic outlook.
Meanwhile, the Aussie found some support late on Monday, following China's Politburo's announcement of "more proactive" fiscal measures and "moderately" looser monetary policy next year aimed at stimulating economic growth.
Source: Trading Economics
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