So Glenn Stevens likes the nags after all.
Well, sort of.
For the first time since he took the helm of the RBA in 2006, the governor did not tinker with interest rates on Melbourne Cup day (a public holiday across parts of the country). Read more
Is the Reserve Bank of Australia intervening in the market to hold down the remarkably resilient Aussie dollar? That’s the question commentators and economists are asking themselves following the publication of data at the end of last week that showed a significant increase in the pace of foreign exchange accumulation (admittedly from a low very low base) in August and September. Read more
When commentators cast around for reasons to explain the strength of the Australian dollar in the face of falling iron ore and coal prices they all arrive at the same answer - haven bond buying by central banks/ sovereign wealth funds. In fact, we’ve also made that very point.
Australia’s central bankers had a bit of fun on Tuesday, confounding economists, shocking markets and driving down the Aussie dollar to its lowest level in six weeks by unexpectedly holding the country’s benchmark interest rate at 3.75 per cent, rather than raising it by a widely-predicted 25bps.
1Bernanke weighs in on robot wars; brings Keynes for backup
2Pump up, debase
3Further reading
4The risk of a Japanese VaR shock
5In which the FTSE puts the crisis behind it
Show more6A Kazakh muddle
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