It's a particularly interesting day for the AUD, with one of the most diverse expectations of rate cuts in a long time, says Emma Lawson, currency strategist at NAB. In an updated Dow Jones survey of economists Monday, six look for a 50bp cut, four look for no easing and the remaining majority look for a 25bp cut. "So there's something for everyone and a reasoning behind each move," Lawson notes. She expects the most probable outcome from the RBA policy meeting is a modest easing. She adds the AUD will rally sharply and likely outperform on the day if the RBA decides to wait. The AUD/USD has a possible daily range of 0.9580 to 0.9900; it's now at 0.9753.
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