eFXdata reports that Bank of America Global Research discusses its expectations for this week's RBA March policy meeting.

"Pressure on the Reserve Bank of Australia (RBA) to ease again is mounting due to the broader negative impact on growth from weaker services exports, consumption and investment. We now see 2020 growth at 2.0% having already lowered our forecast to 2.2% following the bushfire season. But we think the Bank will hold rates steady next week and we maintain the expectation of one more rate cut in 2020," BofA notes.

"We do not expect any additional cuts for a few reasons: (1) financial conditions are easing via the currency, (2) fiscal policy will become more expansionary and (3) there is a high hurdle to cut rates to the lower bound.

We question if the transmission of easier conditions will act to support activity as it has done in previous cycles considering services exports are affected and unlikely to fully recover this year," BofA adds.