Australia's central bank will announce an interest rate decision during Asian trading hours.
Here's how to get ready.
U.S.-based currency investors have their pick of overnight events to trade on this week, from unemployment reports from New Zealand and Germany to the Australian central bank's widely awaited interest rate decision, due around 12:30 a.m. New York time on May 1.
Andrew Busch, global currency and public policy strategist for BMO Capital, says the Australian event "has the biggest potential here," so he has outlined a trading playbook.
Investors have been banking on an interest rate cut from the Reserve Bank of Australia, and Busch says markets are now pricing in a cut of 25 to 30 basis points. If the bank delivers 25 basis points, he told CNBC's Melissa Lee it would make sense to buy the Australian dollar and sell the U.S. dollar.