“The overnight fall in the Australian dollar shows once again that just a few carefully targeted words from Reserve Bank governor Glenn Stevens have the power to move markets. While Mr Stevens did not say the Reserve Bank was about to intervene to pull the dollar down, his comment that the option was in the monetary policy ‘toolkit’ proves that words from the central bank governor can be timely bullets. The impact-laden comments show the RBA’s frustration in its attempts to lower the dollar, despite 2.25 percentage points of cuts to the official cash rate since late 2011.”
http://www.abc.net.au/news/2013-11-22/glenn-stevens-jawboning-moves-currency-markets/5111212
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