RBA Edwards would be more comfortable with Aussie at 0.65 handle

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Friday, Feb 19 2016

There were no data releases from Australia this morning, however, Aussie was pushed lower after Reserve Bank of Australia Edwards in a WSJ/DJ interview said that he would be more comfortable with AUD/USD at 0.65 handle. He explained that Australian dollar is not reflecting weakness in commodity prices. He also noted that he expects Fed to further delay rate hikes.

"It does look like it (the Australian dollar) has found a base, and I guess I would say I still think it is a bit too high," Mr Edwards said. "If it was driven entirely by commodity prices, it certainly should be lower," he added.

Aussie is currently being traded around 0.71 area. Pair is likely to find support around 0.7040 handle and resistance above 0.7180 level. Later today, in the US session, CPI figures are scheduled for a release.

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