RBA's Stevens on the wires
- RBA has signalled willingness to lower rates if needed
- AUD likely to fall further yet over time
- Board proceeding with an appropriate degree of caution on interest rates
- Low rates are working to boost home building and household wealth
- Rising house prices and high leverage should not dominate policy but cannot be ignored completely
- Liquidity has declined ion global markets and investors are complacent on risk
The great jawboner manages to knock 40 odd pips off of AUDUSD down to 0.7728