The AUD/USD pair gapped lower at the opening for a second consecutive week, filling the gap before resuming its decline to fresh four months' low of 0.6940. Expectations that the RBA will have to cut rates rather sooner than later, alongside renewed concerns about the global economy now that China and the US applied new levies to reciprocal imports, weighed on the Aussie. Plummeting equities added to the bearish case, while a sharp advance in safe-haven gold fell short of triggering an AUD recovery. Australian data released at the beginning of the day fell short of the market's expectations, as Home Loans fell 2.5% in March, while Investment Lending for Homes in the same month fell a whopping 3.7%. This Tuesday, the country will release the NAB's Business Confidence Index for April, seen improving to 1 vs. the previous 0, alongside the NAB's Business Conditions Index, seen decreasing to 4 from 7. Given Wall Street's collapse, there's a good chance that Asian equities will follow suit, keeping the pair under selling pressure.