AUD/USD: Only 40% of the RBA was Priced in - Westpac
Analysts at Westpac noted that AUD/USD was 0.7710 ahead of the RBA’s
rate cut which was only 40% priced in, so fell steeply to around 0.7560
in the Sydney afternoon.
Key Quotes:
"The
Aussie attempted a rally in the London morning to around 0.7630 but
then suffered amid the broad wave of USD buying against all major
currencies, falling steadily in NY trade to around 0.7485, a low since
24 March."
"AUD/NZD slid from 1.0940 pre-RBA to 1.0800/30. As
usual, Australia’s federal budget was not really relevant to FX markets
but our colleagues in economics and rates strategy have excellent notes
available on WIB IQ."
