AUD/USD to edge down towards 0.65 on a 12-month view - Rabobank

According to analysts at Rabobank, the chances that the RBA will cut the cash rate again from its present level of 0.75% are high and such move would begin to shift the risk of QE into the sightline.

Key quotes

"Governor Lowe has been very candid about the type of unconventional monetary policy that the RBA could use if the 0.25% threshold in the cash rate were reached."

"The low level of wage inflation in Australia will be a contributing factor in household incomes. According to the OECD, Australian real household disposable income fell -0.1% q/q, -0.8% y/y in Q1 2019, which puts it to the back of the field of OECD countries. "

"The low level of enterprise bargaining agreements, a broad-based decline of employees being promoted and an increase of labour supply stemming from a much higher participation of women and older workers in the labour pool were all cited as contributing factors."