UBS now sees the RBA cutting rates next week

UBS expects Stevens to lower rates on April 7.

Economists at UBS have changed the timing of when they see a rate cut from the RBA.

"We now expect the RBA to cut 25bp to 2.00% at next week's April meeting, given lower commodity prices, amid weaker China property activity, weaker capex intentions, and softer US data delaying the Fed," they say.

The latest survey shows 16 of 26 economists expect RBA on hold in April but the market is more aggressive. The latest OIS pricing outs the probability of a 25bp cut at 77%.

UBS is in a dovish sort-of mood. Earlier today they said monetary easing is coming from China.

The Australian dollar is in a dangerous spot at the moment. It's declined for 8 consecutive days and fallen below the March lows.