THE Australian dollar hit a near three-year low minutes after Reserve Bank governor Glenn Stevens revealed the RBA board deliberated for a "very long time" before deciding to leave the cash rate unchanged.
Mr Stevens made the remark as he opened a speech at a business lunch in Brisbane on Wednesday, a day after the RBA decided keep the cash rate at its record low of 2.75 per cent.
"As you may know, the Reserve Bank board in fact held its meeting here in Brisbane yesterday, at which we deliberated for a very long time and then we acted to stick with the cash rate unchanged," Mr Stevens said.
When he began his speech at 1250 AEST, the Australian dollar was at 91.6 US cents.
By 1300 AEST the currency had fallen to 91.23 US cents, and at 1348 AEST it hit 90.95 US cents, its lowest point since early September, 2010.
RBC Capital Markets fixed income and currency strategist Michael Turner said the comment provided confirmation that the door was open for another rate cut in August.
"It was the comments on the length of deliberation which has caught the attention of markets," Mr Turner said.
"Markets have reacted to the unscripted comments by pushing the Australian dollar lower and bonds higher."
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