Breaking: AUD/USD drops through key trendline support in a 0.57% move on RBA Lowe

FXStreet Team FXStreet

In additional remarks, that have finally given the market a catalyst, the Reserve Bank of Australia governor Philip Lowe says the budget strategy was right but warns that it is possible to cut rates down to 10 bps.

AUD/USD fell 0.57%.

RBA Lowe: Cash rate not expected to be raised for at least 3-years

Additional comments

Says policy steps available can not be expected to quickly drive inflation back to 2.5%.

Says creating jobs is the first priority.

Says would like more fiscal stimulus from Australian states.

Says not yet decided on whether to expand government debt-buying program.

Says Australian 10-year yields are among highest in the developed world, looking at that.

Says considering what benefits would come from buying longer-dated govt bonds.

AUD/USD update

AUD/USD on the move to print fresh session lows.

This has occurred ahead of the September employment report released later today.

Australian Employment Preview: September job losses to flag RBA rate cut

4-hour chart

The price is breaking the key trendline support where offers would be expected to build on a retest of the resistance area.

AUD/USD Price Analysis: Bears on the move to break key trendline support

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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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