AUD/USD fell on Stevens
AUD/USD fell to $0.9257 as the Reserve Bank of Australia governor Glenn Stevens said that the Forex intervention is an option for the central bank among the possible measures to stimulate the economy. Stevens underlined though, that the RBA has doubts about the effectiveness of such an action versus its cost.
According to the IMF, Aussie is overvalued by 10% and that the RBA should maintain an accommodative monetary policy to minimize the drag on economic growth.
The pair’s currently trading around the 100-day MA at $0.9278.
Chart. Daily AUD/USD