THE Australian dollar is lower following a dovish speech by Reserve Bank boss Glenn Stevens that hinted at another rate cut next week.
At 5pm AEST the local unit was trading at 90.16 US cents, down from 90.63 cents yesterday.
The Australian dollar fell one cent yesterday, from 91.63 US cents at 1pm AEST when Mr Stevens began his speech to a business luncheon, after his comments were interpreted by many investors as a hint that the RBA would cut rates again next week.
The speech came after weaker than expected building approvals figures for June which also put pressure on the local currency.
Forex.com research analyst Chris Tedder said Tuesday's drivers were still weighing on the Aussie today.
"Everyone has just started jumping on the bandwagon after that weak building approvals data, but especially that dovish rhetoric we saw from RBA governor Glenn Stevens," Mr Tedder said.
