RBA Governor speech overview
Reserve Bank of Australia (RBA) Governor Philip Lowe will be speaking at 02:00 GMT today at an Australian Industry Group event in Melbourne. Lowe’s speech is titled “Productivity, Wages, and Prosperity”, and while it isn’t clear if the RBA governor will be talking about monetary policy directly at the event, he will be addressing macroeconomic conditions within Australia while at the event.
How could it affect the AUD/USD?
The Aussie finds itself on weaker footing this week, and despite a recent turnaround in data figures for the Australian economy, the slump continues, and as FXStreet’s own Valeria Bednarik pointed out for the AUD/USD’s technical outlook: “the pair, however, was unable to extend its gains beyond the current 0.7610/20 region, where it has been meeting selling interest ever since the week started. Ahead of US inflation data, the pair is mild bullish in the short term, above a bearish 20 SMA and with technical indicators aiming higher above their midlines, although with limited strength. The pair would need to advance clearly beyond the 0.7625 level to be able to extend its gains up to 0.7660, a major Fibonacci resistance.”
Support levels: 0.7565 0.7505 0.7470
Resistance levels: 0.7625 0.7660 0.7700
Key notes
AUD underperforms as investors square positions ahead of FED rate announcement
About the RBA Governor’s speech
Philip Lowe replaced Glenn Stevens as governor of Australia’s central bank. Lowe was the Deputy Governor of the Reserve Bank of Australia, a position he held since February 2012.
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