Currency Update: The stubbornly high AUD has become more of a concern for the RBA, Governor Glenn Stevens saying yesterday that with an expected decline in the...

Currency Update: The stubbornly high AUD has become more of a concern for the RBA, Governor Glenn Stevens saying yesterday that with an expected decline in the terms of trade should see the AUD materially lower in time. The AUD market sensed the change in atmospherics from the RBA, the AUD/USD dropped from around 0.9570 by over ¼ cent, falling further during the Asia session to the lower 0.9500's. The overnight session has seen a return to the US dollar, being generally stronger across the board with better-than-expected US Q3 corporate earnings and solid core retail sales seeing US equities higher. The USD unfazed by a positive retail sales report but then interrupted midsession by weaker than expected consumer confidence, a pull-back was subsequently reversed, aided also by a stronger Case Shiller house price report. Today's Forecast Range: USD 0.9430 - 0.9500