A decline in the Australian dollar interrupted any otherwise directionally limited phase in currency markets. RBA Governor Lowe, in a speech, signalled that a cut in the cash rate to 0.1% and an easing in the 3-year yield target, along with a rise in longer dated government bonds, are on the cards. This cemented market expectations for the RBA to move at its November 3rd meeting. AUD-USD fell 0.7% in posting an eight-day low at 0.7010, and the Aussie saw a similar magnitude of decline against the euro and the pound, and a 0.5% loss in the case versus the yen.
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