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The moves in forex market activity have come from remarks made by Reserve Bank of Australia chairman, Mr Glen Stevens, that the Australian economy has more upside inflationary risks that downside growth threats. He stated “that the downturn we are having may turn out not to be one of the more serious ones of the post-War era, in contrast to the experiences of so many other countries,” the Reserve Bank chief said in Sydney today. “We can much more easily imagine upside risks to the outlook, to balance out the downside ones, than was the case six month ago.”

He also stated that the credit crisis will not go down as having an impact on Australia anywhere near the degree of impact that most other global regions will feel. “The banks of the United States and Europe are starting down this path on their wholesale issuance, having recognized that it is in their own interests to do so,” he also added “It is becoming more common for Australians to see the glass as half full than as half empty,”