The market is doing the RBA's job

Tomorrow morning is the RBA's rate meeting. The Australian central bankers have made it clear that they like to see a weaker Australian dollar. 

If the AUD was too strong this would require a further rate step. That has become unlikely as a result of the recent AUD weakness though. The collapse in AUD-USD into areas well below 0.76 means that the RBA currently does not have to take action. 

So the only question is if the RBA does not lower rates again, this will cause a countermove on the FX market. Market and central bank will have to find a fixed point in their reactions to the behaviour of each other. 

However, both sides are well practised. If the RBA leaves interest rates unchanged this time round that is unlikely to cause too strong a reaction, says Commerzbank.