Australian Dollar drops on Philip Lowe's speech

During Tuesday's trading session, the Australian Dollar depreciated 24 pips or 0.34% against the US Dollar.  

The slump was driven by the speech of Philip Lowe, the Governor of the Reserve Bank of Australia, after the release of Monetary Policy Meeting Minutes. 

Lowe said: "Fair enough to say we have an easing bias, inflation target remains central to the policy framework. Will take some time to get inflation above 2%". Thus, it is likely, that rate cuts could occur in the nearest future.