AUD,NZD/Flows and Orders

AUD: Latest RBA FX reserve data confirms passive intervention

Just reading the latest RBA FX reserves data for October on DJ newswires and it confirms the same trend that we saw in August and September; namely that the RBA is allowing its FX reserves to grow by not balancing out inflows through AUD purchases in the spot market. The amounts have been very consistent, around AUD450 million per month for each of the last 3 months. Certainly not huge amounts but it will have some effect over time.

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