Aussie tumbles after RBA Governor says currency is too high

October 29, 2013

The Australian dollar tumbled half a percent against the US dollar after comments by the Reserve Bank of Australia Governor Glenn Stevens.

The central bank head said that the currency is unusually high and he expects its value to fall lower than it is today because the current fundamentals do not support the value of the currency.

AUDUSD dropped from the Asian session open of $0.9571 down to a low of $0.9502.

Another gainer in the session was the Japanese yen which was lifted after some stronger-than-forecast data from Japan.

USDJPY fell to lows of 97.45, and ended the session 0.13 percent down while EURJPY dropped to lows of 134.27, down 0.12 percent.

The Bank of Japan policy statement due on Thursday will be a risk for the yen. Meanwhile, immediate risk to the dollar/yen pair will be driven by the Federal Reserve policy announcement on Wednesday.

In other currencies, EURUSD was little changed by the end of the Asian session , ending at $1.3786. GBPUSD made some losses, down 0.19 percent to end at $1.6105.

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