The Aussie rally is just expected to warrant attention from the RBA in case the AUD/USD pair surges above 0.75 with scant evidence of a robust global growth recovery, per ANZ Bank.
“The rally back to 0.69 now represents a full pricing in of the global recovery, as well as a return to fair value for the AUD. So from here, things get a bit more interesting. It will be crucial that moves in the AUD remain in line with global economic fortunes and the terms of trade.”
“Should the recovery be slow and fitful with persistently high unemployment, as we are expecting, the RBA is likely to focus more on the AUD when it rises above 0.70. If it then makes a sustained move above 0.75 it is likely to draw policy consideration, unless there is a commensurate improvement in global growth, and by extension currency fundamentals.”