Australia’s Council of Financial Regulators (CFR), in its latest report, said the outlook, including the nature and speed of the expected recovery, remains uncertain.
“Financial institutions entered with a high level of resilience, will continue to experience the flow-on effects of stress.”
“Encourage institutions to make use of their capital buffers to continue to support businesses and households.”
“Economic activity is now beginning to recover in some sectors.”
Note that the CFR comprises of the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), the Australian Treasury and the Reserve Bank of Australia (RBA).
The aussie dollar ignores the above comments, as AUD/USD trades with mild gains around 0.6940. The spot hit a five-day high at 0.6975 on Tuesday after global stocks rallied and downed the safe-haven greenback across its main peers.