FXstreet.com (Barcelona) - The Reserve Bank of Australia transactions data suggests a significant increase in the pace of foreign exchange reserve accumulation in August & September (AUD863 million versus a average of around AUD100 million every two months).
According to FX Strategist Andrew Salter at ANZ, “This can be viewed as a covert and passive intervention in the Australian dollar of modest proportions, but nevertheless is a clear signal of a change in the RBA’s view and intentions.”
Moreover, “With little experience in top-side intervention in a number of years, we expect the RBA to proceed slowly and as such see a long road to fully fledged overt and active intervention.” he notes.
According to FX Strategist Andrew Salter at ANZ, “This can be viewed as a covert and passive intervention in the Australian dollar of modest proportions, but nevertheless is a clear signal of a change in the RBA’s view and intentions.”
Moreover, “With little experience in top-side intervention in a number of years, we expect the RBA to proceed slowly and as such see a long road to fully fledged overt and active intervention.” he notes.
