Ex-RBA’s Edwards: No RBA rate cut on March 3

John Edwards, a former board member of the Reserve Bank of Australia (RBA) said that he doesn’t see the central bank cutting the Official Cash Rate (OCR) this Tuesday, in light of the growing coronavirus pandemic fears and its negative economic fallout.

Additional quotes

RBA will be pleased with the lower AUD.

If conditions worsen RBA may cut in April.

AUD/USD holds recovery gains above 0.6500

Despite downbeat Chinese PMI data, an increase in the number of new coronavirus cases globally and rising odds of an RBA rate cut on Tuesday, the AUD/USD pair consolidates the recovery from a new decade low of 0.6457 reached last Friday.

At the press time, the Aussie trades +0.25% at 0.6525, having closed the bearish opening gap.