FX.co ★ Australian Shares Rebound Ahead of RBA Minutes

On Tuesday, the S&P/ASX 200 index saw a 0.3% increase, reaching 8,695, as it rebounded from significant losses experienced in the previous session. Investors are currently anticipating the minutes from the Reserve Bank of Australia's meeting, which are scheduled for release later today. These minutes are expected to shed light on the central bank's forthcoming policy decisions slated for August 12, following its unexpected choice to keep interest rates steady in July. Attention also remains on Australia–US trade relations. Prime Minister Anthony Albanese has addressed concerns regarding the absence of a meeting with former US President Donald Trump, asserting that Australia has secured some of the most favorable trade terms with the current US administration. He highlighted that Australia continues to uphold and demand mutual respect in its international dealings. Nonetheless, Australian exports to the US are subject to a 10% tariff, and duties on steel and aluminum are set to increase to 50% starting August 1. In corporate news, major mining companies BHP Group and Rio Tinto both rose by 2.3%, reaching their highest levels in several months, buoyed by stronger iron ore and steel prices.