- 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
The post AUD/USD quiet ahead of RBA appeared first on www.forextell.com.