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RBA Governor Stevens not concerned with slide in AUD

Friday, Sep 18 2015
Reserve Bank governor Glenn Stevens is expecting an increase in the US interest rates "by Christmas". Addressing the Australian parliament's economics committee in Canberra, Mr Stevens said he "was not especially concerned" by the prospect. Mr Stevens said the Fed's Federal Open Market Committee has two more meetings this year and that he thought an increase in the funds rate was "probably going to happen before Christmas".
 
He signalled that he wasn't particularly concerned about the recent slide in the Australian dollar to around US70¢ before a bounce on the Fed's decision, saying the dollar would normally be expected to fall after a period of sliding commodity prices and that was exactly what was happening. Inflation was contained and it would take a very sharp fall in the dollar to push inflation up, he argued.
 
Aussie is currently being traded around 0.72 handle. Pair is likely to find support around 0.7150 level and resistance above 0.7270 area. There will be no major data releases in the rest of the session.
 
Last modified on Friday, 18 September 2015
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