CBA on the Australian dollar (and rates)

CBA's note is focused on rates, but I picked out the AUD comments.

• Risk to AUD/USD is to the downside
• Also, clearly risk also of RBA rate cutes

On rates (in brief) - CBA says Australian yield curve is flagging RBA rate cuts ahead.

• the bank says yield curve inversion in Australia has led RBA rate cuts in 6 of last 7 instances