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Aussie Goes Offered On Lowe's Comments

FOREX

AUD sold off as RBA Gov Lowe delivered a speech on "Delta, the Economy and Monetary Policy," in which he downplayed market pricing pointing to a rate hike in '22 & '23, reaffirming the Bank's well-trodden guidance. A BBG trader source suggested that short-term accounts initiated AUD/USD shorts in the lead-up to Lowe's address.

  • NZD faltered on the back of apparent trans-Tasman spillover. The latest house sales data from REINZ showed that activity in New Zealand's property market took a hit from lockdowns in August, but median prices continued to rise reaching record highs.
  • JPY softened into the Tokyo fix and remained on the back foot, as Japanese equity benchmarks traded in the green. Japanese headline flow was dominated by political headlines related to the ongoing LDP leadership race.
  • U.S. CPI headlines today's global data docket, with UK labour market report also due. A round of comments from BoE Gov Bailey is eyed.
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