Citi discusses its expectations for tonight's RBA policy decision.

"Focus on markets’ attention now draws to the RBA rate decision tomorrow, where we think risks are tilted hawkish post the CPI beat in January. We also expect a revision to inflation forecasts CitiFX Strategy notes the RBA looks set to hike rates by 25bps in its meeting this week, and the hike alone is unlikely to move AUD crosses," Citi notes.

"Forward guidance and peek to the Feb SoMP will be in focus, and our base case is for AUD crosses to trade higher as the terminal rate looks underpriced by the market," Citi adds.