Heads up.
Preview is here: Central banker activity in the Asian timezone today – RBA Governor Stevens testimony
LIVE FEED and he is also on the telly (ABC 24 hour news channel)
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AUD is going into the testimony just under 0.9300 – the market is looking for some jawboning action from Stevens.
It all starts with an opening statement for Stevens. He’ll then be answering axe-grinding, self-serving, ignorant rants questions from the politicians.
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NAB expect:
- Stevens to “remain cautious on the economy, if a little encouraged some of the most recent data prints. No doubt he’ll be quizzed closely on the AUD again and respond without sending too many alarm bells ringing, referring to his preference for a lower dollar to aid the economy’s transition.”
Westpac:
- “He is likely to be pressed on why the RBA hasn’t adopted an explicit easing bias given consecutive cuts to their GDP forecasts, 12 year highs in unemployment and inflation seen trending lower. The housing market is another likely topic and there’s usually at least one question on AUD. In March Stevens reaffirmed his late 2013 suggestion that AUD/USD would make more sense somewhere in the 0.80s than 0.90s or higher.”
