Reserve Bank of Australia: Australian dollar needs "further depreciation"

One of my fave safe haven currency pairs AUD/USD is wait and see status, The Australian dollar declined against its U.S. counterpart on Friday, one day after hitting a four-week high after the Federal Reserve lowered both its U.S. growth forecast and its interest-rate projections, its makes an alert, prompting investors to push back expectations on the timing of an initial rate hike. Safe Haven Currency AUD/USD hit 0.7848 on Thursday, the pair's highest since May 22, before subsequently consolidating at 0.7769 by close of trade on Friday, down 0.37% for the day but 0.52% higher for the week. This week will be strengthened

The Fed Chair Janet Yellen said the central bank wanted to see "more decisive evidence" of sustained growth before raising rates, but acknowledged that the economy has "expanded moderately" after a weak first quarter.The Safe Haven Currency USD Index which measures the greenback's strength against a trade-weighted basket of six major currencies, fell to a five-week low of 93.30 on Thursday, before recovering to end at 94.32 by late-Friday. Mondays will be better

Meanwhile The index still ended the week down 1.02%, the third straight weekly decline.In Australia, minutes of the Reserve Bank of Australia's June policy meeting published on Tuesday reaffirmed that the central bank would consider further rate cuts if necessary. The minutes also said that the Australian dollar needs "further depreciation." Meanwhile, investors continued to monitor developments surrounding talks between Greece and its international creditors, amid growing concerns that the country could default on its debt be forced out of the euro zone.

From Eurozone debt crisis latest update, Greece is running out of time before it owes the International Monetary Fund a bundled loan payment of €1.5 billion on June 30. At the same time, the remaining €7.2 billion of a €240 billion stimulus package from its international creditors is set to expire at the month. All 28 members of the European Union are scheduled to be present at an emergency summit on Monday, in what could be Greece's final opportunity to avoid a default. Grexit is on the way, keep alerts

Source : investing