3 Jul 2013
AUD/USD succumbs to fresh trend lows on RBA Stevens
FXstreet.com (Barcelona) - Reserve Bank of Australia Chief Glenn Stevens is crossing the wires, with some juicy comments that are making the AUD/USD go lower from 0.9190 session highs to currently approach trend lows at 0.9103.
The key punch line on Stevens speech sending the AUD/USD to fresh trend lows at 0.9103 was ""If the economy ‘needs’ a lower exchange rate, it will probably get it."
Among other relevant comments from Stevens, he said the AUD had been ‘somewhat too high for a period’, and that he was surprised the market took so long to push the currency lower. Stevens highlighted the challenges that represent the transition from mining boom, with the RBA doinf what they can to assist the transition.
Bloomberg expanded on other varies lines, quotin "Sub-trend growth likely to continue in the near term. Some key ares of the economy well placed to expand once they have confidnece. Fundamentals favour a pick up in non-mining investment. Data from China consistent with annual growth around 7.5%."
The key punch line on Stevens speech sending the AUD/USD to fresh trend lows at 0.9103 was ""If the economy ‘needs’ a lower exchange rate, it will probably get it."
Among other relevant comments from Stevens, he said the AUD had been ‘somewhat too high for a period’, and that he was surprised the market took so long to push the currency lower. Stevens highlighted the challenges that represent the transition from mining boom, with the RBA doinf what they can to assist the transition.
Bloomberg expanded on other varies lines, quotin "Sub-trend growth likely to continue in the near term. Some key ares of the economy well placed to expand once they have confidnece. Fundamentals favour a pick up in non-mining investment. Data from China consistent with annual growth around 7.5%."