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Westpac analysts expect the Reserve Bank of Australia (RBA) to cut interest rates by 25 basis points on March 3 compared to the previous forecast for a status quo decision. 

The investment bank thinks the central bank would deliver another rate cut in April. Currently, RBA’s interest rates stand at a record low of 0.75%. 

The RBA was previously expected to deliver two rates in the second quarter. However, with coronavirus fears destabilizing markets, the central bank is now expected to act on Tuesday. 

The global stock markets tanked last week, sending the safe havens like the Japanese yen higher as the number of confirmed coronavirus cases outside China began rising at a faster rate, threatening to put a sizeable dent on the global economy. The AUD/USD pair fell from 0.6774 to an 11-year low of 0.6434 and was last seen trading at 0.6506.