AUD review

Western Union:

The Aussie buck soared to late March highs above $0.7700 against its U.S. counterpart after the RBA concluded its monthly meeting with no change to its 2.25 percent cash rate.

Roughly 70 percent of the market had bet that the RBA would lop rates to new lows given the headwinds on Australia's economy from falling commodity prices like iron ore, the country's main export, and slowing growth in leading trade partner China. 

Depending on how Australia's first quarter inflation report fares on April 22, markets see an elevated likelihood of a rate cut as soon as bankers' coming meeting on May 5. With the door wide open to a rate cut, the Aussie will remain at risk of falling to new multiyear lows over coming weeks.