AUD/USD: don't miss Stevens
The Aussie could stay under pressure in the near term with Reserve Bank of Australia Governor Glenn Stevens likely to talk down the currency once again at a speech due at 09:05 GMT. The speech is called “The Australian Dollar: Thirty Years of Floating” and the market players will be waiting for any hints on the RBA’s intervention policy.
RBC Capital Markets points out that FX transactions data showed that the RBA sold AUD648 million in October, but only AUD318 million on behalf of the government. So AUD selling, net of its government obligations, was AUD330 million, the biggest net monthly selling since 2009. RBC concludes that the central bank may be selling the national currency to weaken its rate.
AUD/USD is currently trading in the $0.9300 area.