Every dog has his day and Aussie is really a dog

Hard to see why the market was caught so off-guard by the RBA rate cut, but AUD is taking a caning today as a result.

The Teflon currency is finally getting its comeuppance but who knows how long it will last. It will be interesting to see if the main seller of EUR/AUD in recent months, the Swiss National Bank, stays on the sidelines or doubles down on its big Aussie bet.