In a subsequent speech the Governor strengthened his commentary around the AUD referring to it as "overvalued, and not just by a few cents". He did not go as far as restoring the easing bias but did quote market pricing as indicating that " if a move were to occur over the next several months ... it would be down not up". He also noted that "we still have ammunition on interest rates". Market pricing is now pointing to a 40% probability of a rate cut by year's end.
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