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RBA’s ‘dovish surprise’ depresses $A – The Australian Financial Review

The Australian dollar declined after the Reserve Bank unexpectedly doubled the size of its bond-buying program and extended forward interest rate guidance.

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With an eye firmly on the Australian dollar, erring on the side of too much rather than too little is at this stage tactically at least the least risky path, said Stephen Miller, strategist at GSFM.
If left unchecked, the rise in the Australian dollar could well frustrate the task of getting unemployment down and wage growth up and inflation sustainably within the 2 to 3 per cent target range, he said.
Announcing the policy changes, RBA governor Philip Lowe said the exchange rate has appreciated…

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