Rates probably bottomed in Australia

RBA has lower its rate for the time being. That is the conclusion that can be drawn from the RBA statement that is largely unchanged compared with September. 

The threshold for a rate cut to below 2% is quite high for the RBA. The weak AUD has done its job and once again does not attract any increased attention in the statement. 

"Therefore, as long as the situation in China does not deteriorate notably the RBA will leave the key rate at 2% for some time now, and thereby AUD will depreciate a little further following the first Fed rate hike but will not fall notably below 0.65 AUD-USD", says Commerzbank.