The Japanese yen renewed its hard push against the dollar on Tuesday, while the Australian dollar dived after the country’s central bank cut interest rates. Hitting a fresh 18-month low, the U.S. dollar dropped to ¥105.98 from ¥106.54 late Monday. Meanwhile, the euro maintained its highest levels since August 2015 against the dollar reached on Monday. The euro last changed hands at $1.1528 from $1.1536 seen late Monday. Even bigger moves were seen Tuesday for the Australian dollar, which took a hit after the Reserve Bank of Australia cut interest rates for the first time in a year, in a bid to combat record-low inflation and a strong local currency. The cash rate target was cut by one-quarter of a percentage point to a new low of 1.75% – analysts had been split on whether the central bank would cut. The Australian dollar slid to $0.7569 against the dollar, having moved up to $0.772 just ahead of the move.
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