Bell Potter

Bell FX: The AUD had its largest decline for two and a half months and is currently trading above USD 0.9200. RBA Governor Glenn Stevens spoke last night on The Australian dollar: thirty years of floating. The Governor continues to believe the currency is overvalued, although he admits that quantifying the extent of the overvaluation is difficult, but that it is not helping the economy. His remarks serve to put the currency market on notice that the RBA is serious about using unorthodox means to lower the exchange rate. In overnight trade, the USD peaked at a 4-month high against the JPY, and a one-week high against the EUR. The US central bank October policy committee minutes sparked a rally in the USD against all the major currencies. Today's Forecast Range USD: 0.9175 - 0.9275


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