AUD/USD is consolidating near the top-end of its year-to-date 0.6100-0.6330 range, BBH’s FX analysts note.

RBA to start easing at the next February 18 meeting

“Australia’s Westpac–Melbourne Institute Consumer Sentiment Index was essentially unchanged at 92.2 in February. While the headline print remains below the long-term average of 100.5, the forward-looking sub-indexes edged higher.”

“Regardless, softer inflation pressures in Q4 support the case for the RBA to start easing at the next February 18 meeting, with markets pricing-in a 90% probability.”

“RBA/Fed policy trend and sluggish Chinese economic activity point to additional AUD/USD downside.”