USD Trading Outlook (06-08-2013)
It will be all eyes on the RBA today, with the market universally expecting a rate cut at 2:30 this afternoon. The fact that an election was called at the weekend could put a fly in that ointment, as the RBA has never adjusted interest rates during an election campaign and will have to break with history to do so today. The speculative AUD market is sitting at close to record short levels and with a rate cut priced into the market, the main danger as I see it is that we get a short-covering rally of sorts? Big or small- that depends on the decision and statement.
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