Goldman Sachs Asset Management is calling the top of the Aussie rally, selling the currency after it jumped to a two-year high last week on what the firm sees as unrealistically strong expectations for interest-rate increases by the Reserve Bank.

With the RBA meeting on Tuesday, the manager of more than $US1 trillion ($1.25 trillion) in assets is bearish on the Australian dollar.

The Aussie's rally makes the prospect of rate rises quite remote, says Goldman Sachs. Credit:Glenn Hunt

Its rally made the currency expensive relative to those of its trading partners, including in Asia and Europe, said Philip Moffitt, the firm's Asia-Pacific head of fixed income.

The local dollar's surge above 80 US cents reduces the odds for RBA hawkishness, because it's likely to hurt growth and keep inflation below the bottom of the central bank's target of 2 per cent to 3 per cent, he said.