AUD/USD recaptures 0.7300 even as RBA’s Lowe says now is not the time for higher rates

“Now is not the time for higher interest rates, the Reserve Bank of Australia (RBA) Governor Phillip Lowe said while delivering a speech titled "Covid, Our Changing Economy and Monetary Policy" at a webinar hosted by the Committee for Economic Development of Australia.

Additional quotes

Fall in global interest rates had a 'gravitational pull' on Australian rates.

Resisting that 'pull' would have put upward pressure on the Australian dollar.

Pandemic will likely leave an extended period of higher unemployment.

Recent local data better than expected, easing of restrictions lifted spirits.

We are now on the road to an economic recovery.

more to come ...