The RBA meets on Tuesday. They are expected to maintain a dovish tone and to express further concerns about the strong AUD. There will be no move on interest rates, the cash target rate will remain unchanged.
JP Morgan are still expecting one more rate cut in this cycle, but no longer expect it to come in May, but now expect it in November.
AUD/USD has bids a little lower at 1.0445/55, while there is barrier-option selling interest ahead of an around 1.0500. Stops above there but corporate sellers will stop it from running away to the topside, with more sell orders clustered 1.0510-25.
