What had looked like persistent strength for the Aussie dollar today, even after drab inflation data, now appears to be melting away after a speech from the Reserve Bank of Australia's governor suggested the central bank would take no cues from its ...
And with regards to the apparently-expensive Australian Dollar, “that said, a 6% overvaluation does not represent an upper extreme - there have been several historical episodes where AUD overvaluation peaked in the 8-10% range.
Over in Australia, the recent Australian dollar appreciation has been triggered by a defence of the Australian economy. Responding to comments by opposition leader Bill Shorten, AU Treasurer Scott Morrison defended his government's record.
Until we see that ingrained US dollar bearishness has run its course, at least for now, then setbacks for AUD/USD are likely to be shallow and a move to above 80 cents hard to argue against with any conviction.
London South East (registration) (blog) - 14 hours ago
The Australian dollar fell to nearly a 2-week low of 0.9871 against the Canadian dollar and a 5-day low of 0.7887 against the US dollar, from yesterday's closing quotes of 0.9924 and 0.7936, respectively.