In additional remarks, that have finally given the market a catalyst, the Reserve Bank of Australia governor Philip Lowe says the budget strategy was right but warns that it is possible to cut rates down to 10 bps.
AUD/USD fell 0.57%.
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RBA Lowe: Cash rate not expected to be raised for at least 3-years
Additional comments
Says policy steps available can not be expected to quickly drive inflation back to 2.5%.
Says creating jobs is the first priority.
Says would like more fiscal stimulus from Australian states.
Says not yet decided on whether to expand government debt-buying program.
Says Australian 10-year yields are among highest in the developed world, looking at that.
Says considering what benefits would come from buying longer-dated govt bonds.
AUD/USD update
AUD/USD on the move to print fresh session lows.
This has occurred ahead of the September employment report released later today.
- Australian Employment Preview: September job losses to flag RBA rate cut
4-hour chart
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The price is breaking the key trendline support where offers would be expected to build on a retest of the resistance area.
More to come…
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