National Australia Bank weighing in on the will it be 50 or 25 debate.

  • The bank is forecasting a 25bp cut from the FOMC on July 31
  • Which could leave the market disappointed given the pricing for a 50bp cut

But, it doesn't matter as the USD will decline. Says the US dollar nearly always falls at the beginning a Fed easing cycle (cycles since 1984), and NAB expect further easing after July.