Outlook: focus is on Stevens - ANZ

Analysts at ANZ offered the outlook for the day ahead.

Key Quotes:

"In Australia, RBA Governor Stevens will deliver his final speech before retirement at 1pm AEST.

Currencies:

The AUD continued to grind higher today with the USD on the back foot against most major currencies. NZD also rallied despite the market continuing to price in additional rate cuts this year. Today, the market will be fixated on RBA Governors Stevens’ last speech. Some in the market are hoping to hear something dovish. Given key resistance has now broken, further upside can’t be ruled out on disappointment.

Rates:

Global rates markets rallied overnight with 10-yr yields in the UK, Spain, and Ireland all hitting new record lows during the session. Australian yields are likely to open modestly lower today. RBA Governor Glenn Stevens’ speech will be in focus.

Commodities:

The mixed performance in the sector is likely to continue with a lack of data releases not providing a clear direction for investors.