RBA's Lowe: Now is not the time for higher interest rates

Comments by RBA governor, Philip Lowe

• Fall in global interest rates had 'gravitational pull' on Australian rates
• Resisting that 'pull' would have put upward pressure on Australian dollar
• Pandemic will likely leave an extended period of higher unemployment
• Recent local data better than expected, easing of restrictions lifted spirits
• We are now on the road to an economic recovery

His speech is taking place about 15 minutes earlier than expected, and you can check it out here. There isn't anything that stands out from the remarks above but something to note is that he refrained from specifically mentioning anything about negative rates.

Let's see if there will be a more consistent narrative in future speeches in the coming weeks/months from the RBA.

AUD/USD is little changed, still hovering around 0.7300 on the more positive risk mood on the session with the dollar also keeping slightly softer.