Forex Flash: AUD finds support following RBA comments - BTMU

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that , the Australian dollar has derived support from comments from RBA governor Stevens who echoed comments in the latest minutes that prior monetary easing is “having an effect” in supporting the Australian economy.

He writes, “In addition, he highlighted that the bar is high for intervention to weaken the Australian dollar stating that “you need to be confident that it’s seriously overvalued or market irrational”.”