Reserve Bank of Australia’s Governor Lowe indicated in comments last night that the bank is considering easing monetary policy further in light of current market conditions and global impacts from Covid-19. In any case, the Board of the RBA has not made any decision as of yet on a possible rate cut. Governor Lowe suggested that if any changes were to be made, a 10 basis point cut in rates is possible.

As such, there is renewed focus on the 3 November RBA meeting, with a decision to lower rates to negatively impact the price of the Australian Dollar (AUD). Get more insights from Giles Coghlan, Chief Currency Analyst, HYCM on the Market Mood on Youtube.