The Australian dollar is lower as the RBA pivots to a more neutral stance
RBA governor Philip Lowe dropped the biggest hint yet that the central bank is moving away from rate hikes as he mentions that the 'interest rate outlook is now more evenly balanced'. The change in stance there was enough to sink the aussie as the currency is still hovering at the lows now down by almost 1.3% against the dollar.
That in turn is also leading to a bit of a drag seen in the kiwi as well with NZD/USD falling by 0.5% to lows of 0.6858 currently.
The yen is the leader among the major currencies bloc as it continues to hold firm with USD/JPY sellers still preventing the pair from holding a break above the 110.00 handle. There isn't much really to comment on the move aside from some money taken off at toppish levels for the pair given that we're still awaiting a clear break in risk direction.
The rest of the major currencies bloc remains rather sluggish for the most part with the likes of the euro, pound and swissie still trading in narrow ranges against the dollar as we begin the session.
