AUD/USD dips as RBA minutes signal cautious stance on rate cuts

AUD/USD traded in a tight range around 0.6650, showing minimal movement as markets digested cautious RBA meeting minutes. The Australian dollar faced mild pressure after the Reserve Bank of Australia's minutes revealed a more prudent approach to potential rate cuts, maintaining concerns about persistent inflation risks. Asian equity markets traded softer, with risk sentiment dampened by mixed regional data including China's 2.4% decline in Q2 smartphone shipments, signaling potential consumption weakness. The Japanese yen remained stable despite Finance Minister ruling out sales tax cuts following recent election setbacks. Major currency pairs exhibited range-bound behavior with low volatility as traders await key economic releases later this week. Technical indicators suggest AUD/USD faces resistance at 0.6680 while support holds at 0.6620. The cautious RBA stance may limit Australian dollar upside in the near term, particularly if global risk sentiment deteriorates further.