AUD

The RBA release the minutes of its February monetary policy meeting at which it left official interest rates on hold.

The Australian dollar is slightly lower ahead of the outcome of the euro zone finance ministers meeting in Brussels. The European ministers, at a two-day meeting, are expected to approve the delivery of the second bailout package for Greece to save the country from bankruptcy.

At 7am AEDT on Tuesday, the Australian dollar was trading at $US1.0745, down from $US1.0771 on Monday. A failure in Greece could see the AUD down to the 1.05 level.

Dutch Finance Minister Jan Kees De Jager demanded the European Union and the International Monetary Fund take “permanent” control of government decision-making over revenues and public expenditure in Greece.

De Jager said partners committed to providing Greece money for years to come need “some kind of permanent presence” dictating policy on the ground, adding “it is very important when you loan money that you are the boss.”