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AUD crushed as banks foresee RBA rate cuts....>

FOREX
FOREX: AUD crushed as banks foresee RBA rate cuts
-AUD is comfortably the worst performer in G10 FX Thursday, with AUD/USD trading
either side of the $0.71 handle despite a firmer than expected jobs report out
overnight. Westpac shifted their RBA forecast for 2019, now expecting the RBA to
cut rates twice this year (in August and November), which undermined the
currency and erased all jobs report-inspired gains. Elsewhere, headlines crossed
that key a Chinese port in Dalian had placed a ban on Australian coal imports,
which pressed the currency further still.
-China FX outperformed for much of the Asia-Pacific session, but the moves have
been reversed ahead of NY as profit-taking and MNI reports, citing Chinese
advisors, suggested CNY gains could be capped if trade talks succeed.
-JPY and GBP are the top performers Thursday, although both trade well within
yesterday's ranges. Risk sentiment has been somewhat supported throughout, with
US equity futures indicating a higher open today.
-US weekly jobless claims, durable goods and PMIs are the highlights. ECB
minutes and speeches from Fed's Bostic, ECB's Praet and BoC's Poloz are due.

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