Ahead of the monetary policy announcement by the Reserve Bank of Australia, the Australian dollar dropped against its major counterparts. Analysts are expecting the RBA to retain its current target rate of 3.25 percent. At about 12:25 am ET Tuesday, the Aussie was quoted at 0.8825 against the Canadian dollar, 0.7098 versus the US dollar, 71.29 against the yen and 1.8845 against the euro.

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