Australian dollar dips below US71¢, RBA reluctant to jawbone

The Australian dollar capitulated from its position above US71¢ on Tuesday after the Reserve Bank of Australia left rates on hold at a record low, again leaving the door open to cuts if inflation remains low.

The currency reached an intraday high of US71.38¢ shortly after the decision, as investors digested the statement from RBA governor Glenn Stevens, which may have reflected a less dovish tone than was expected.