AUD marked down on Lowe's admitting next rate move is evenly balanced

Previously the RBA had said again and again that the next rate move was likely to be up.

Lowe relented in his speech today, admitting its more balanced:

• "Over the past year, the next-move-is-up scenarios were more likely than the next-move-is-down scenarios. Today, the probabilities appear to be more evenly balanced,"

AUD/USD sent lower:

The full text of his speech and the major pints are here:

• RBA's Lowe says the interest rate outlook is more evenly balanced

Make no mistake, this is a significant change in tone from the RBA as expressed by the Governor here. The current incarnation of the RBA has shown itself to be very … stubborn sounds harsh, so not that … slow to respond to gathering signs of weakness. Its taken a lot of data and a long time for the RBA to budge this small amount. They are still way behind events if this is where they are currently at.

AUD will remain offered on rallies.