AUD/USD Continues to Slide after RBA Comments

The Australian dollar slumped to its lowest levels in three months Friday, following comments by the country’s central bank governor, making it the worst performing top-10 currency globally in the last 24 hours.

Reserve Bank of Australia Gov. Glenn Stevens told the Australian Financial Review in an interview, published Friday that the currency made a lot more sense trading in the mid US$0.85 cent region, rather than US$0.95.

Mr. Stevens said he would prefer to see stimulus delivered to the sluggish economy through a lower currency, rather than through further cuts to interest rates, which are already at record lows.

WSJ

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