The Australian Dollar just tanked on the back of a speech by RBA Governor Glenn Stevens in Brisbane.
In his delivery Stevens noted the RBA “remain open to the possibility of further policy easing, if that is, on balance, beneficial for sustainable growth”.
He also said the Australian Dollar, in his opinion, needed to fall further.
The indication that the RBA may take the cash rate below 2%, along with his continued jawboning on the level of the Australian Dollar, has seen the currency drop more than 0.5%.
It is currently fetching .7650, down from .7685 prior to his speech.