I hadn't seen this overnight note from Rabobank on the Reserve Bank of Australia and the Australian dollar.

The note covers more than those two topis but the comments on the RBA are forthright. For once, the boldng is not mine but the writer of the piece:

Australia, where the RBA Governor has said he's considering a rate cut in June and unemployment now needs to be BELOW 5.0% for him NOT to cut rates, making a mockery of all the "Jobs market is on fire wages up soon!" claims he's been making, and I've been pooh-poohing, for so long.

AUD still hasn't quite sized that shift up yet, but if you think 'one and done' is enough to right this particular ship, you are in for a surprise.