AUD/USD quiet ahead of RBA

  • AUD/USD has been stuck in 25 pips range in the European session
  • The pair came under pressure in the APAC session as traders increased bets that the RBA will cut rates
  • Market sees the chance now as 50/50
  • Some who expect that the RBA will leave rates on hold at tomorrow’s meeting expect at least a slightly more dovish tone from the bank
  • Chinese data over the weekend was solid and PBOC rate cut boosted risk assests in Asia, but failed to move AUD
  • Market is heavily short AUD; no rate cut tomorrow + no significant change in the language could easily lead to a large short squeeze and eventually target 0.80

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