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Hardy: Why AUD could trade to new lows against USD

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The Reserve Bank of Australia is expected to maintain its cash rate at two percent when it meets on Tuesday after cutting it twice this year. This means that focus will be on the central bank’s forward guidance, says Saxo Bank’s John Hardy.

The Aussie dollar rose despite a rate cut in May, so Hardy expects the Reserve Bank to issue clearly dovish guidance at its meeting. This could see AUD trading to new lows against the US dollar, Hardy says.