The Australian dollar is lower after Reserve Bank governor Glenn Stevens hinted there could be another cash rate cut next week.
At 5pm AEST the local unit was trading at 90.63 US cents, down from 92.45 cents yesterday.
The futures market is now pricing in an 89 per cent chance that the RBA will cut the cash rate next week following Mr Stevens' speech to The Anika Foundation Luncheon in Sydney today where he said there were signs of previous cuts working in the economy, but not enough to prevent further cuts.
At 1311 AEST, soon after he began speaking at the function, the Australian dollar hit 90.92 US cents, down from 91.63 US cents at 1pm AEST.
The local currency had already fallen today after the release of weaker than expected building approvals data.
Easy Forex currency dealer Tony Darvall said Mr Stevens' comments gave the Aussie dollar a smacking.
