Australian Dollar falls following hopes of a rate cut

The Australian national currency has fallen against the US dollar after the Bank of Australia indicated that it might consider reducing interest rates in the country.

Reserve Bank of Australia Governor Glenn Stevens expressed the central bank would take steps when needed. He said in Tokyo that the central bank has policy "ammunition" left and will use it when requires. The comments, at the International Monetary Fund’s annual meeting in Tokyo, sparked hopes that the RBA might reduce interest rates in November.