RBA Stevens' advice likely smarter than the originally sounded "Chill out"

Some market participants opined that the depressed situation of commodity markets, tempted the RBA to indicate further rate cuts and also to end the RBA governor Stevens chilling out rhetoric.

AUD/USD is currently trading at 0.7188. The pair was moving side ways from August ending, however there is no sign of depression momentum. A large share of AUD depreciation was led by USD exchange rate.

So the central bank may wait for the Fed lift-off to see if it has some side effects useful for them, as the rate hike did in the past.

"That means Stevens' advice for the RBA and its observers may have been smarter than it originally sounded Chill out, have a nice holiday and take another look at the situation next year", says Commerzbank in a research note.