RBA Meeting: BNPP: RBA On Hold; Global Equities Real Driver For AUD. We expect the RBA to leave policy unchanged this week, in line with market pricing which currently assigns just 6% chance of a rate cut this week and only 11% by year-end. Commodity exporter currencies remain highly sensitive to the risk environment and, while we expect the USD to correct lower vs. the low-yielder currencies this week, the USD may hold up better vs. the AUD and CAD if the risk environment wobbles. Global equities continue to drive these currencies especially AUD & NZD. NAB: Risk Of RBA Steps Its Dovish Rhetoric But AUD Unlikely To ... (full story)