Here are the latest central bank rate cut/hike expectations. Nothing priced in for the Fed, BoE or ECB (though I expect the latter two to pull the trigger on more stimulus in the coming months).

RBA – Investors are pricing in 125bp of easing from the Reserve Bank of Australia by the end of the year! I have been bearish the AUD but 125bp is a FAR out of line. At most the RBA will lower rates by another 75bp and more likely only 50bp by Dec.

RBNZ – Investors are also looking for 50bp of easing from the Reserve Bank of New Zealand.