AUD/USD has continued to tumble in the wake of Governor Glen Stevens comments earlier today that rates are close to average. This obilque comment has caused a paring of long positions as players wind back expectations of a rate hike at May’s meeting. Given that the RBA has raised rates 25bps at 5 out of the last 6 meetings, a pause was probably on the cards anyway. Given the skittish knee-jerk nature of the market at the moment we have seen good selling throughout the Asian afternoon session with little to no bounce so far; last at 0.9200.