RBA: weaker currency is beneficial to economy

The Reserve Bank of Australia said recent dips in Aussie will benefit the economy, as the labor sector strengthens as well. 

Some RBA officials believe that a weaker dollar offers a chance to cut rates and send government yields lower. 

Aussie fell 4% in the last two months on the stronger yen and yuan. 

The RBA expects more economic growth and exports and higher wages as a response to the weaker local currency. 

AUD/USD rose 0.3% to 0.7124, with a session-high at 0.7125, and a low at 0.7079.