AUD Erases Gains After RBA Speak

Early Asia-Pac trade has been very quiet, with little of note in the way of broader-picture news flow. Despite marginally outperforming in the G10 basket early on, AUD has wiped out gains as the RBA published the text of a speech from Dep Gov Debelle (it can be watched live as we type). Although Debelle cast doubt on the effectiveness of FX intervention in the current circumstances, he noted that "a lower exchange rate would definitely be beneficial for the Australian economy" and hence the central bank continues to watch the FX rate. Debelle also reiterated that the RBA continues to review other policy options "to best support the economic recovery".

• USD/KRW jumped at the re-open, in a delayed reaction to yesterday's market moves seen after onshore trading in South Korea closed. Nonetheless, the rate continues to hover not too far from its multi-month lows.
• Apart from Debelle's speech, today's economic docket features Australia's weekly payroll jobs & wages, a monetary policy decision from the Riksbank, U.S. existing home sales, EZ consumer confidence and comments from BoE's Bailey, ECB's Villeroy, Lane and Panetta, as well as Fed's Powell, Barkin, Bostic and Evans.