Barclays: Trade of the week, short AUD/USD

Short AUDUSD: We expect the RBA to cut 25bp next week. The market is divided with six economists including ourselves calling for a cut while 21 others looking for unchanged outcome, according to Bloomberg. And OIS is currently pricing in c.15bp cut at this meeting and 50bp cut by May. A cut by the RBA this week, earlier than the market expects, is likely to weigh further on the AUD. This is consistent with our technical strategy team’s AUD bearish view

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