CBA on the Australian dollar - largely ignored the speech by RBA Governor Lowe

Comments from CBA on the Australian dollar from their morning note

• AUD/USD largely ignored the speech by RBA Governor Lowe
• Lowe, while confirming 'wages are increasing a bit more quickly than they have for some time', cautioned it would be 'some time before we are at what could be considered full employment'.
• His comments echoes yesterday's RBA post-meeting statement to keep its cash rate on hold.

CBA's focus for today:

• The highlight today is Australian Q2 GDP growth (11.30am Sydney). As a result of some positive data surprises in the past week, we have increased our estimate for GDP growth to 0.9% (equal to consensus).
• The RBA's head of economic analysis, Alex Heath, delivers a speech at 12.30pm (Sydney time).