The Australian dollar is set to be buffeted by a "mad   March" of central bank meetings that could well force the Australian dollar higher and put pressure on the Reserve Bank to cut Australian interest rates, according to Morgan Stanley. 
The Reserve Bank meeting on Tuesday is widely expected to leave interest rates at 2 per cent.
The European Central Bank is meeting on Thursday,   March 10, followed by meetings of the Bank of Japan, the US Federal Reserve and the Bank of England on consecutive days (  March 15 to 17).
The net result of these meetings, according to a Morgan Stanley note, is that the Australian dollar could end up somewhat higher than its Monday afternoon trading level of US71.20Â¢.
Data from the Melbourne Institute monthly inflation gauge, as well as a company gross operating profits figure, did not move the Aussie on Monday.
"The Aussie dollar's hardly moved at all," Commonwealth Bank currency strategist Joseph Capurso said.
"The Australian dollar may end up the winner at this stage," said the note, although at the cost of the "pressure this puts on Australia longer term".
The note predicts that the European Central Bank will cut deposit rates 10 basis points to minus 0.4 per cent and expand its asset purchase program, now running at EUR60 billion ($84 billion) a month, by another EUR20 billion.
The Bank of Japan, which has interest rates at minus 0.1 per cent, will probably keep rates unchanged in   March but cut again to 0.3 per cent before the   July upper house election - most likely on   April 28.
And the Federal Reserve's summary of economic projections will cut interest rate forecasts to show "perhaps two hikes for 2016" instead of four, said Morgan Stanley.
"We do expect the Fed's SEP to show a more dovish profile".
As a consequence of this global monetary weakening, coupled with the Reserve Bank's desire to keep rates on hold, there is now increasing interest in carry trades which may boost the Aussie, the bank said.
A currency carry trade is a strategy in which an investor sells a certain currency with a relatively low interest rate - such as the yen or the euro - and uses the funds to buy a different currency yielding a higher interest rate, such as the Aussie.
Already the Aussie was too high and further upward pressure would be unwelcome, the note said.
"Clearly there are concerns, with Reserve Bank board member John Edwards stating a preference for an Australian dollar around US65Â¢," it said.
With the housing boom of 2014-15 unwinding and the capital expenditure drag proving "even deeper than we expected", the Reserve Bank needed to cut rates by another 50 basis points sometime between   April and   September, the note said.
The Reserve Bank's interest rate indicator suggests a 94 per cent chance the cash rate will stay on hold this week at 2 per cent, with a 6 per cent chance of a 25 basis-point cut.
A Fairfax survey of 10 economists found consensus the cash rate would stay put.
The cash rate has been stayed at 2 per cent since   May 2015.