It's a toss-up between a rate cut and a no cut
Whatever the case is, I would expect the aussie to produce a decent reaction to either outcome. Obviously, a no cut will see the currency rise even if the RBA will be signaling a dovish tilt again - or possibly more dovish. That just means that the central bank is keeping an eye on the elections in two weeks' time and will act thereafter as economic data continues to suggest them to do so.
Meanwhile, a drop in the aussie on a rate cut isn't a given in my view. The headlines should trigger algos to drag the currency lower initially but the devil will be in the details of the statement thereafter. Also, a certain degree of expectation has already been factored in for a rate cut so there's that to contend with as well.
Eamonn has been kind to compile a host of previews ahead of the decision, so you can check them all out in this post here.
