Fri. Oct 30th, 2020

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Australian dollar plunged

1 min read

Australian dollar bills

The Australian dollar fell half a percent to $0.7129, before paring some losses, after Reserve Bank of Australia Governor Philip Lowe mentioned bond buying and a small rate cut as among options for policy support during recovery.

Lowe said Australia’s ten-year yield was among the highest in the developed world and the bank was studying what benefits could come from buying longer-dated debt. He said it was possible to move rates from a record low 0.25% to 0.1%.

Ten-year bond futures rallied 6.6 ticks to their highest since April after Lowe’s comments and money markets are priced for a November rate cut.

Slightly better-than-expected Australian employment data on Thursday did little to shift easing expectations or lift the currency.

Elsewhere, U.S. stimulus plans appear bogged down.

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