Lowe says would like the Australian dollar to be lower
- AUD is not the main factor in policy easing
- A lower AUD is just one channel through which policy works
- RBA would only intervene in the currency market if it is dysfunctional
Safe to say, we are nowhere near anything 'dysfunctional' when it comes to the AUD and the RBA has been consistent in their messaging that they are quite content with the way the currency has behaved over the past few months.
Sure, they would prefer it to be lower but at least they're not being pressured to do more in consideration of a higher exchange rate for the time being.
So far, all of his comments are pretty much echoing the market's thoughts following the policy decision earlier today. AUD/USD is still flirting with its 100-hour moving average @ 0.7044 currently as we look towards European morning trade.
