As was widely expected, RBA stood pat at today's meeting. But they surprised the market by softening language on the Australian dollar, which may imply that they are generally satisfied with their currency around these levels, save for any rout in commodities. Together with Steven's comments last week about new (lower) normal growth rate, Aussie bears have now lost two big reasons to sell the pair.
Aussie rallied in response, surging to almost 0.74, which is now the initial resistance before 0.7…