It did not take long this morning for players to “knock” AUD/USD down another 45 points from the NY close after a horrific overnight session for risk trades. Doom and gloom reins supreme this morning with the market now fully pricing in a December rate cut (as suggested by Westpac) and nearly 70bp of cuts over the next 12 months. The perma bears are having a field day at the moment with the S&P 500 now down for the seventh straight session.