The RBA are likely to adopt a more cautious tone with respect to the global growth outlook, which may dampen AUD/USD.
There has been a clear slowing in the global PMI's, an escalation of global trade frictions, and apart from a modest lift in crude oil prices, a flat outcome in Australia's commodity export prices over 2018.
Declines in the growth rate of Australia's real gross domestic income relative to real GDP growth, as well as low inflation pressures, continue to add to the case for the RBA to leave interest rates on hold.
Yesterday's news of a further decline in Australian nations house prices in the month of June (-1.696/yr) add to the case for stability in interest rates.
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