Forex Flash: RBA Stevens testimony on Friday attracting attention – TD Securities

Given that the RBA Board meeting minutes followed Friday’s comprehensive quarterly Statement on Monetary Policy, it had to say something materially new to garner attention: “They didn’t, merely confirming that global conditions had improved and domestic data were mixed.  A repeat of “the inflation outlook…would afford scope to ease policy further, should that be necessary to support demand” confirmed the easing bias whilst in wait and see mode”, wrote TD Securities analysts, pointing to market attention on Governor Glenn Stevens’ testimony to Parliament on Friday morning, “where the strong AUD and peaking resource sector are likely to feature heavily”. “Note that Stevens speaking for himself tends to be more hawkish than Board communiqué per se”, said analyst Annette Beacher.