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Lowe Speech Fails To Buoy AUD


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  • Pedro Castillo, the provincial schoolteacher who promised to restructure Peru's economy to favour the poor, was confirmed Monday evening as the president-elect more than six weeks after the election. The result followed a deeply divisive election and last-ditch legal challenges by his opposing run-off candidate Keiko Fujimori.
  • Castillo's most recent rhetoric, especially relating to the central bank governorship, has provided comfort for markets. However, his pledge to increase the state's role in the economy brings with it a dynamic of heightened uncertainty.
  • His chief economic adviser, Pedro Francke, has called for fiscal prudence and inflation-targeting, and is opposed to nationalisation of companies.
  • Castillo's inauguration speech will be held on July 28 where he is expected to outline the government's policy intentions.