AUD/USD opened on the back foot as the.......>

AUSSIE: AUD/USD opened on the back foot as the weekend saw Australia declare its

first Covid-19 fatality, while Chinese official PMI tallies proved truly

horrific. Multiple desks boosted their RBA easing calls with a reduction to the

cash rate at tomorrow's meeting seen as all but certain. Some see the delivering

a 50bp cut & IBs price a ~24% chance of such scenario at typing.

- We had some Australian data already out this morning. AiG M'fing PMI slipped

deeper into contractionary territory, while final CBA M'fing PMI was revised to

50.2 from 49.8 (albeit the gain in headline index was driven by longer delivery

times as Covid-19 disrupted supply chains).

- The rate has pared earlier losses and trades at $0.6511, marginally lower on

the day. Friday's multi-year low of $0.6434 provides the initial bearish target.

Bulls look for a break above Friday's peak at $0.6585.

- Aussie Q4 inventories & co. operating profit are due today and BoP current a/c

balance & net exports of GDP how on Tuesday. Q4 GDP comes out Wednesday. Jan

trade balance & retail sales are due Thursday & Friday respectively.