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AUD Lower & Bond Yields Down, As RBA Bullock Testifies Before Senate

RBA

The early reaction to RBA Governor Bullock's Senate Testimony has been for lower yields and a weaker AUD. AUD/USD is sub 0.6300, getting to lows of 0.6285, off 0.30% (weaker US equity futures are also likely weighing on the currency). The 3yr bond yield is back near 4.26%, versus earlier highs near 4.31%.

  • Most focus has been on the Governor's response to questions around reaction to yesterday's Q3 CPI data. The Governor stated it was a little higher than August SOMP implied, but "came out about where we thought it would" (BBG). Bullock reiterated that services inflation is higher than the RBA is comfortable with.
  • The RBA is yet to make a judgement on whether yesterday's outcome is a material shift to the outlook, particularly in terms of when inflation will get back to target (2-3%).
  • The central bank will update its inflation forecasts ahead of the next board meeting.
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