This is from a bank fx commentary I received this morning. Strong words from the RBA governor & also lends to why I think Aussie gold will out perform. I'm looking for circa 85c in the AUD over the next 6 to 9 months, possibly a little lower.
- During his speech yesterday Stevens said the “$A is not doing as much as it might do to balance growth”, and “risk that $A will fall materially is underestimated”, he also went on to use the word “intervention”, but only saying it is on the table if required.
- Last night’s Fed Minutes of course franked their July statement – they no longer view the unemployment rate as ‘elevated’, and inflation is ‘somewhat closer to the longer-run objective’. Naturally, markets interpreted this as meaning the rate hikes are coming sooner rather than later.
- Across the Atlantic, Bank of England Minutes showed that 2 of 9 members wanted to hike rates at their last meeting. This is the first time in 3 years they have had a split decision.
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