RBA Gov. Lowe noted that he would prefer a...>

AUSSIE: RBA Gov. Lowe noted that he would prefer a lower AUD compared to a

higher AUD, while he reiterated that the AUD is relatively stable on a TWI

basis. 

- Markets shrugged off the comments as they didn't offer any fresh insight into

the RBA's thought process, with AUDUSD operating in a sub-15 pip range thus far.

- AUDNZD last trades at c. 1.0730, towards the lower end of the recent range.

1.0700 presents immediate support, with not much seen after that until the July

31 low at 1.0588. To the upside hourly resistance lies at 1.0780.

- It is worth noting that the RBA remains very reluctant to identify a specific

horizon whereby it expects to tighten monetary policy, with Lowe noting that the

next move in the cash rate will likely be higher, but he did stress that the

move is some time away at present. 

- In terms of market pricing, odds of a 2018 RBA hike have stabilised at around

58% in recent days, after falling from circa 70% on the back of last weeks SoMP

and dovish rhetoric from Lowe & Ellis.