Today have been published the minutes of the previous meeting of the Reserve Bank of Australia. The main idea voiced in the minutes was, that further lowering of interest rates RBA may be appropriate. At the same time, the regulator wants to see the effect of the previous decline in interest rates. According to the minutes, the Australian dollar will likely continue to decline and inflation will be within the target range. Positive for the Australian currency may be incentives on the part of the People's Bank of China, which has lowered the reserve ratio in banks by 1.0% to 18.5%. We maintain our medium-term negative outlook for the Australian dollar due to the low prices of iron ore and other export commodities.