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March 03, 2015
The Australian dollar is broadly stronger against its G10 peers this morning after Governor Stevens and the RBA surprised markets by leaving the cash rate at 2.25 percent. AUDUSD rose as much as one percent overnight after the central bank eschewed the 25bps cut forecast by the majority of economists and priced in by swap traders. Stevens referred to the strong growth in Sydney house prices when leaving the cash rate as is but kept his options open saying additional easing policies may be appropriate in the future. Commodity linked currencies are generally stronger this morning with AUD strength boding well for neighboring NZD while CAD gained off the back of stronger crude oil prices.

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