30 Jan 2015
AUD traders: RBA McCrann on TV from 3 GMT
FXStreet (Bali) - Following the unexpected far-reaching implications of the last article written by RBA watcher at the Australian Herald-Sun, Terry Mccrann, AUD traders should keep an eye on the news-wires, as the influential commentator is set to appear on Sky Business channel from 2pm Sydney time, which translates to 3 GMT.
Last Wednesday, McCrann, wrote the following: "After 18 months of keeping its official interest rate unchanged, the Reserve Bank will almost certainly cut the rate at its first meeting back for the year next Tuesday. What is absolutely certain is that the key language in RBA governor Glenn Stevens’s post-meeting statement will change. That would obviously be the case if he’s announcing a 25-point cut, but it would change to “signalling a future cut” even in the now unlikely case the rate was left unchanged."
The article made its way fairly quick into the investment bank circles, resulting in the AUD/USD to slide rapidly from levels fractionally above 0.80 - due to higher RBA trimmed mean CPI - all the way down to new bear trend lows at 0.7722, where it has found a temporary bottom, with a correction now underway, aiming to retest 0.78 offers.
Last Wednesday, McCrann, wrote the following: "After 18 months of keeping its official interest rate unchanged, the Reserve Bank will almost certainly cut the rate at its first meeting back for the year next Tuesday. What is absolutely certain is that the key language in RBA governor Glenn Stevens’s post-meeting statement will change. That would obviously be the case if he’s announcing a 25-point cut, but it would change to “signalling a future cut” even in the now unlikely case the rate was left unchanged."
The article made its way fairly quick into the investment bank circles, resulting in the AUD/USD to slide rapidly from levels fractionally above 0.80 - due to higher RBA trimmed mean CPI - all the way down to new bear trend lows at 0.7722, where it has found a temporary bottom, with a correction now underway, aiming to retest 0.78 offers.