π RBA holding rates as inflation cools down
Financial markets and the big four banks are predicting the Reserve Bank of Australia (RBA) will maintain the current cash rate. This consensus was reached after recent inflation data came in weaker than what was anticipated. Specifically, Westpac joined the group after June inflation data showed a more benign trend. The Australian dollar is currently on a six-week winning streak, but this faces tests from the RBA and US CPI. Future market movements will heavily depend on incoming US data and the RBA's next policy decision.