20 Aug 2014 02:39GMT
AUD/USD - ... The Aussie chopped around after RBA Governor Glenn Stevens' testimony b4 the House of Standing committee ahead of Asian open, short-term specs were selling the AUD after NY close but when Stevens did not jawbone the Aussie lower, shorts covered their positions and lifted price on 0.9318.
Below were Stevens testimonies released on Reuters :
-remains view that on most metrics would be surprising if A$ remains so high
-risk of A$ fall is under appreciated
-puzzled why u.s. dollar is not higher given u.s. is recovering
- intervention on A$ part of tool kit if thought useful
-have not considered intervention useful so far
-would not want to give advance warning if did consider intervention
-economy does not need draconian fiscal tightening right now
-budget problems are in the medium term
-recent reading on unemployment was a weak one, difficult to interpret
RBA's Kent says unemployment not to fall sustainably until late 2015,
early 2016
Stevens continued - A$ high in part because global capital finds Australia attractive
-has not thought about raising rates
-says expects fairly subdued result for Q2 QDP
-have not felt that intervention would work at current A$ levels
-would consider lower rates if thought it would be helpful
-but does not think interest rates the answer right now
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.