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.
"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."