The RBA voted to keep interest rates unchanged at the last meeting staying at 2.25pct but there is likely another cut to come further in the year.

AUD rallied this morning as the move by central bank was completely unexpected – markets had already priced in a 25 basis point cut to 2pct so we will have to see how this pans out over the next day or so.

I think we will see some downward pressure to come especially on AUDNZD. I am shorting this pair at the moment with some good returns coming through.