Pessimistic RBA minutes halts optimistic rise in Aussie

Australian Dollar's three day consecutive rise got halted by pessimistic minutes from Reserve Bank of Australia, according to whom, economic growth is running below average and downside risks have increased from overseas development.

Though downside risks have increased substantially policymakers are not sure whether it would affect growth in future.

Australia's economy has been giving mixed signs in recent days, whereas trades continue to pose weakness along with its mining sectors, however employment has remained relatively stable despite so.

RBA pointed to the same stating that number of indicators of domestic activity had shown some improvement.

RBA expects record low interest rates along with weak Aussie and increase in services export would aid economy going ahead.

Australian Dollar, which benefited from election of new Prime Minister, after resignation of Tony Abbott, incumbent unpopular Prime Minster, who lost party ballot.

However, this new election should be taken with a pinch of salt as the country got its 8th Prime Minster in six years, showing fragility in the government.

Australian Dollar is currently trading at 0.712 against Dollar, down from today's high around 0.7165.