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Under Further Pressure Post-Kent

AUD

RBA Assistant Governor Kent delivered a speech, AUD coming under some extra pressure, shedding a handful of pips and last on the screens at 0.7738.

  • Kent said negative rates were not on the agenda, but the RBA would keep buying bonds until the data suggested it could withdraw support and reiterated that the cash rate wil not increase until CPI is within its target band.
  • All in all Kent stayed on message. Last week RBA Governor Lowe said he is more comfortable with a lower rather than higher AUD, would be more comfortable with even lower levels. He said a lower AUD would help unemployment fall, and that the recent move lower in AUD/USD is a broader function of recent USD strength, thus he cannot say that AUD is overvalued. Yesterday's RBA minutes had a dovish tilt, indicating it would be some time before the bank started tightening policy settings.
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