Australian Dollar recovers after RBA Governor Philip Lowe refrained from signaling an imminent rate cut at next week’s meeting. In a speech, he just noted that “at our Board meeting next week, we will again take stock of the evidence”. And, “the Board is prepared to ease monetary policy further if needed to support sustainable growth in the economy, make further progress towards full employment, and achieve the inflation target over time.”

Low added that the back-to-back rate cuts in June and July were taken to “help make more assured progress towards full employment and the inflation target.” He did acknowledged that “further monetary easing may well be required”. However, “while we are at a gentle turning point and expect growth to pick up, the strength and durability of this pick-up remains to be seen.”

Lowe’s full speech here.

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