View on the RBA - easing bias remains in place (& threat of QE) should cap the AUD

Macquarie (earlier note) nominate 0.71 at a lid for the Australian dollar if does rally.

Cite:

• RBA easing bias remains in place
• Each additional rate cut from now will bring QE potentially closer
• "The novelty of unconventional policy, even just the distant threat of it, should help cap any gains"

Bolding mine. Bring it!