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The following are the expectations for tonight's RBA November policy meeting as provided by the economists at 15 major banks along with some thoughts on the AUD into the event as provided by the FX strategists at these banks. Out of the 15 banks, 6 banks see a 25bp rate cut, while 9 banks expect no cut. The rate markets suggest a nearly 50/50 chance of a 25bp rate cut.

Goldman Sachs (Cut): We expect the RBA to cut 25bp, against consensus to stay on hold. Following last week's weak 3Q2015 CPI print and earlier out-of-cycle rate hikes by major retail banks, we see a strong case for the RBA to act to mitigate the recent retightening in financial conditions and that Friday's Statement on Monetary Policy will detail a modest recalibration of the RBA's assessment of the inflation outlook and policy stance.

Morgan Stanley (Cut): Our economists have been expecting a further rate cut from the RBA at the November 3 meeting, against initial consensus expectations for unchanged policy...AUD could now catch up with its commodity currency peers, heading back towards the lows.

BNPP (Cut): We favour selling the AUD into strength, given that our economists believe last week's Q3 inflation undershoot provides a window of opportunity for the RBA to ease further and expect a 25bp rate cut at this Tuesday's meeting. Since forecasters are going into the announcement with a split view and rates markets are only pricing about 50% chance of an easing, the AUD should weaken if our forecast proves correct.

UBS (Cut): UBS estimates an RBA rate cut by 25bps to take the rate at a new record low of 1.75%, due to added pressure of low Q3 CPI at 0.5% q/q (from 0.7% q/q in Q2) and the threat of higher household debt servicing costs. Annualised CPI was unchanged at 1.5%, below the RBA's target of 2-3% for the fourth straight quarter - the longest undershoot since 1999.

Lloyds (Cut): Markets seem to be attaching only a 40% probability to an interest rate cut at the RBA meeting tomorrow morning, despite last week's softer than expected Q3 CPI. However, as meetings that follow the release of inflation data and precede the RBA's Statement on Monetary Policy (due Friday) have often been chosen as suitable occasions to change policy, tomorrow may still be seen by the RBA as a suitable time to move before their summer break

Credit Agricole (Cut): In an environment of slowing price developments and still weak external demand expectations as related to China it should come as no major surprise should the RBA indeed decide in favour of lowering rates as part of this week's policy announcement. Even if the central bank were to keep monetary policy unchanged, we expect it to consider more dovish rhetoric. This is especially true as a weaker currency may be desired should inflation slow further. Keeping in mind that RBA Governor Stevens not long back indicated that the AUD had reached levels closer to its fair value, a more cautious stance should prove sufficient in triggering renewed currency weakness. As a result of these conditions we favour selling AUD rallies, in particular against the USD.

Barclays (No Cut): We think the board will narrowly stay on hold, given that past rate cuts were often triggered by a downgrade to the growth outlook; the RBA held fire this time last year when confronted with a similar near-record low Q3 result. Market pricing of the probability of a 25bp rate cut now stands near 45%. If we are wrong and the RBA cuts rates, we think the market will price in a higher probability of a follow-up cut in February, even though we think the bigger, more important risk looming over Australia is the more uncertain outlook for China...Although we hold a medium-term bearish view on the AUD ,we recommend a tactical short EURAUD trade going into the RBA meeting. Market pricing of the probability of a 25bp rate cut now stands near 45%. If the RBA holds rates, we think the AUD is likely to have a brief bounce.

Westpac (No Cut): We expect the board will decide to keep rates on hold. Markets have lifted the probability of a cut from 25% to around 50% following the release of the September quarter inflation report. In the report, core inflation for the September quarter printed at 0.3% (both trimmed mean and weighted median). That compared with market expectations of 0.5%. Annual core inflation is now printing at 2.1% (trimmed mean) and 2.2% (weighted median).

RBS (No Cut): Interest rate markets suggest a nearly 50% likelihood of a 25bp interest rate cut at the Reserve Bank of Australia meeting tonight. That appears appropriate in our view, where our base case is the RBA opts not to trim the benchmark rate, but the risks of a 25bp interest rate cut are nevertheless high. The November decision will be taken alongside the RBA's first Monetary Policy Statement and forecast update since China introduced its new currency policy in August.

BofA Merrill (No Cut): We do not think the RBA will cut rates at its upcoming meeting, but last week's weak inflation read has made it a close call. We expect the curve to stay steep even if the RBA pauses this month. Look to fade a rally for Jun Bank Bills if they do ease. We continue to expect AUD/USD to end 2015 at 0.69 - a rate cut however would lead to a bigger drop than we currently project.

Credit Suisse (No Cut): The market is pricing a 50/50 chance that the bank cuts rates 25bp - driven by the softer-than-expected Q3 CPI print. However, we think the RBA can take a wait-and-see approach with Fed 2015 expectations in place. Although AUDUSD could tactically rally if the RBA keeps rates steady, we see downside risks to our current 0.71 AUDUSD three-month forecast.

NAB (No Cut): We expect the Board to leave rate settings unchanged, but are wary that the language could be tweaked to indicate more 'scope' to cut rates. With speculative short positions in AUD still large, and the market split on today's outcome, we'd be braced for some (potentially significant) volatility.

Nomura (No Cut): We believe the RBA is unlikely to cut rates at its 3 November meeting , even though we recognise it will be a close call, and prefer to wait for the February meeting. The market is roughly pricing in 50% chance of a cut.

ANZ (No Cut): It is a close call, but we don't expect the RBA to move. The market has priced in a 44% chance. A more explicit easing bias in today's statement is possible given the weak inflation numbers last week. While economic growth is sub-trend, there are positive signs, especially in the business surveys. We expect the RBA's 'glass half-full' outlook on the economy to remain intact. The out-of-cycle moves to increase mortgage rates is unlikely to persuade the RBA to lower the cash rate today. Rather, the RBA will be interested to see how this plays out, along with the housing market more broadly. We still believe the cash rate is headed lower over the first half of next year, when we forecast slowing momentum in the current drivers of economic growth.

UOB (No Cut): We believe the RBA will refrain from easing policy. That said, with last week's Q3 CPI numbers proving mixed, the accompanying statement would certainly be closely watched. The quarterly statement on monetary policy, due on Friday, could possibly prove to be of greater interest though compared to the Board meeting itself. The SoMP would reveal the Bank's forecast for inflation as well as GDP for the coming period and therefore, would also help to shed light on the central bank's likely monetary policy path for the rest of the year, and also into early 2016.