Forex News: The AUD/USD may have overreacted to RBA Governor Stevens' speech, says RBC. The bank reckons that his speech suggested that interest rates will remain on hold - not fall - as the positive terms of trade act as a buffer for the Australian economy and means that monetary policy should be tighter than it otherwise would be. The bank says that the AUD/USD's fall to 0.9765 from 0.9800 "looks overdone and seems instead due to some selective reporting that took Stevens out of context."
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