The Australian dollar recovered from the two-year low after the Asian stocks advanced, increasing demand for the higher-yielding currencies.

The MSCI Asia Pacific Index of shares gained 0.3 percent. The minutes of the Monetary Policy meeting of the Reserve Bank of Australia’s board signaled that an increase of the interest rates may be performed in the near future:

Given the medium-term outlook for the economy, and the limited amount of spare capacity that existed, members judged that this slightly restrictive policy stance remained appropriate.

AUD/USD rose from 0.9963 to 0.9977 today as of 14:25 GMT after reaching earlier its intraday high of 1.0016.

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