Flash: RBA reiterates the AUD is above equilibrium levels - UBS

FXstreet.com (Córdoba) - In a speech titled 'The Australian dollar: Thirty Years of Floating', RBA Governor Stevens spoke about the benefits of a floating exchange rate, commented the UBS analyst team.

Key Quotes

"He (Stevens) also said that under the right circumstances, FX intervention can be useful to correct a misaligned exchange rate, but did not signal an imminent need to do so in a large manner at this point".

"Nonetheless, Stevens mentioned twice that the AUD is currently above its longer-run equilibrium level, a point which he reiterated recently in other speeches".