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RBA Gov. Stevens Speech sees AUD lower

Written by Sam Coxhead on November 26th, 2010.      0 comments

11:46 AM (AEST) RBA Governor Stevens speaks to the Parliamentary Economic Committee, the main points are below, as is the link to the speech in its entirety.
 
After very little reaction initially, the AUD has traded to the downside as the market focuses on the fact that interest rates are likely to be on hold for some time but that some short-term risks (European Sovereign debt, Asian over-heating) exist which could shock the Australian economy.
 
  • 2010 global GDP to be above 4% and current RBA policy is appropriate
  • European fiscal tightening will have short-term dampening effect on growth
  • Inflation should stay close to present levels through 2011 but topside dangers remain
  • Asian growth needs to moderate to avoid over-heating
  • Australian GDP to be around 3.5% in 2011 and 2012
http://www.rba.gov.au/speeches/2010/sp-gov-261110.html
          Last 24 hours trade
  Current level Pre-RBA speech Chge since RBA speech   Low High
NZD/USD 0.7591 0.7595 -0.1%   0.7554 0.7628
AUD/USD 0.9748 0.9791 -0.4%   0.9748 0.9832
NZD/AUD 0.7775 0.7754 0.3%   0.7712 0.7784
AUD/NZD 1.2861 1.2896 -0.3%   1.2846 1.2966
NZD/GBP 0.4817 0.4825 -0.2%   0.4798 0.4833
NZD/EUR 0.5690 0.5702 -0.2%   0.5672 0.5717
NZD/JPY 63.58 63.70 -0.2%   63.04 63.78
NZD/CAD 0.7665 0.7680 -0.2%   0.7632 0.7702
 

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