RBA governor Philip Lowe speaks in Melbourne
- Steady policy to be maintained "for a while yet"
- Watching housing price slump closely
- Price falls come after very large gains in Sydney and Melbourne
- Home price correction comes amid favourable economic background
- Overall economic picture is positive, getting closer to full employment
- But real hourly earnings have been stagnant for past six years
Nothing new here from Lowe as he maintains that the current policy is to stay in place for quite some time yet. Other than that, there's some strong focus on the Australian housing market which has been in a real slump lately as home prices continue to fall drastically. That aside, this is very much similar to the RBA's statement/minutes in general.
AUD/USD recovers from its earlier decline now to flat levels at 0.7296 as the dollar weakens on the day.
