The Australian Dollar sinks ahead of RBA meeting on Tuesday

In short

1. The AUD/USD sinks below 67 cents for the first time in almost 11 years
2. AUD/EUR is just above 0.6000 and the AUD/GBP just above 0.5000
3. The RBA meeting on Tuesday

It's shaping up as another tough week for the Australian dollar.

At the end of last week, the AUD kept falling. As soon as markets opened Monday morning, the trend continued as the AUD/USD hit a fresh 10 year low below 67 cents.

The AUD/EUR remains just above 0.6000 while the AUD/GBP is holding just above 0.5000

The Australian dollar has lost nearly 5% since the start of the year, driven mostly by the uncertainty surrounding the coronavirus.

Tomorrow, the RBA will hold its monthly meeting. Late last year, economists were expecting the central bank to cut interest rates however better than expected local economic data has reduced the chances of a cut. Any surprise cut tomorrow would most likely send the Australian dollar south.

The RBA governor is also due to give a speech later in the week.