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The investment banking giant Westpac now expects the Reserve Bank of Australia (RBA) to cut the benchmark interest rate to a new record low of 0.10% from the current 0.25% in November, according to Ricardo Goncalves, Finance Editor at SSB News. 

Westpac’s Economist Bill Evans published a note last week, projecting a rate cut at the Oct. 6 meeting. 

AUD/USD is currently sidelined near 0.7040, having declined by 3.65% last week. That was the biggest single-day percentage drop since March.