RBA Governor Stephens said that the AUD has further to weaken – this comment is not new, as it’s part of his usual rhetoric – and that the bank is open to further easing. This information about about further easing is fresh and saw the Aussie drop 45 pips in the immediate aftermath. We were currently viewing AUD as a neutral currency with a slight bearish
bias, but this comment from Stephens slides us closer towards bearish
on the bias spectrum.