The AUD benefited from a broader risk rally, which seemed mainly spurred by inaction and division with the Federal Reserve and the unwinding of some fairly extreme market positioning.
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The problem with ultra-loose monetary policy is that the transmission effect is only very narrow, in that in reality only large institutions and already wealthy individuals benefit from it... » Read more
AUD currently 0.7145 vs. 0.7130 immediately prior to the announcement
AUD adjusting to significant declines in commodity prices
Monetary policy needs to be accommodative
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