The Aussie Targets the Level 80 U.S. cents After RBA’s July Meeting’s Minutes

Australian dollar extended gains versus its American counterpart after having surged steeply in Asian trading session on Tuesday. The Aussie was boosted higher following the release of the RBA’s latest meeting minutes.

The Aussie surged as much as 1.3 percent against the greenback to jump above 79 U.S. cents – its highest level since May 2015. The pair AUDUSD looks set to build on its rally and may surge to 80 U.S. cents, the strongest level in more than two years.

The Reserve Bank of Australia published the minutes of its July policy meeting on Tuesday which showed the central bank were more optimistic about the jobs market and economy growth of Australia. According to the minutes, the RBA expected quarterly growth to have increased in the second quarter while said that the stronger labor market removes “some of the downside risk” to its wage-growth forecasts.

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