The minutes will be pored over and scoured for hints and innuendo.

As usual! And not least of all by me. I suppose I could try and get a life :-D

The July meeting was on hold one, the Reserve Bank of Australia has kept it cash rate target at 1.5% since August of 2016. I thought it was longer, but I checked and no it hasn't been at 1.5% for the past million or so years as it feels like. And they will be on hold for some time to come.

But still, there are minor nuances in the statements and minutes that will be examined for the market impact (if any)

For today …

NAB:

  • Focus this month is likely to be on any fuller discussion on the short-term funding pressures afflicting Australian short-term markets
  • Markets will also be alert to any RBA thoughts on how current trade tensions between the US and China might affect the Australian economy and RBA's forecasts.
  • And with the Bank this month dropping the phraseology that an appreciating currency would restrain economic growth and slow the return of inflation to target, we will scour the Minutes for any insight as to the rationale for this change.

CBA:

  • The cash rate was left on hold, again, in July. And the accompanying Statement confirmed that a rate rise is still some way off.
  • The Governor slightly tempered his assessment on global growth to indicate that the pace of global growth has eased. This was a dovish tilt. But working the other way, he appears more assured that wages growth will lift. In June, he noted that, "there are reports that some employers are finding it more difficult to hire workers with the necessary skills." That comment was bolstered to, "there are increasing reports of skills shortages in some areas".
  • Overall, we don't expect the Minutes to contain any information that deviates from the RBA's stated position that, ""any increase in interest rates still looks to be some time away."

(bolding above is mine)