RBA’s Lowe: Without a COVID-19 medical breakthrough, economic recovery will be slow

Dhwani Mehta FXStreet

Further comments are crossing the wires from the Reserve Bank of Australia (RBA) Governor Phillip Lowe, as he continues to speak on a panel at FINSIA's "The Regulators" Webinar.

“Without a COVID-19 medical breakthrough, the economic recovery will be slow.”

“Confidence is very fragile, restoring it is key.”

“Not appropriate to tighten monetary policy until we have robust growth.”

“No change to thinking on negative interest rates, still "extraordinarily" unlikely.”

“Costs of negative interest rates do exceed the benefits.”

AUD/USD keeps losses

AUD/USD holds lower ground near 0.6555 following dovish comments from the RBA Governor Lowe and broad USD rebound. The bearish bias remains intact as Australia-China/ US-Sino trade tensions and rising COVID-19 cases worldwide weigh.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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