The Minutes from the July meeting of the Reserve Bank of Australia are due today
- Scheduled for release at 0130GMT
The Minutes will be pored over for hints and clues on the RBA's thinking on the path for rates, and for commentary on the Australian dollar
The Minutes always attract scrutiny ...
BUT ...
Today's release will fade in importance quite quickly as attention will turn to a speech we are awaiting from RBA Governor Stevens due tomorrow, Wednesday 22 July 2015 at 1.05pm Sydney time (that's 0305GMT), at the Anika Foundation.
Stevens speaks each year here and uses the speech to give his views on the economy and policy. There will be a Q&A following.
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For the time being, though, back to today.
In the statement accompanying the July decision the point was made that the RBA is in 'assessment' mode - waiting to see the impacts of the cuts already this year (in February and May). I expect we'll see further elaboration along that line in the Minutes and little hint of the specific timings for future interest rate decisions.
On the AUD, Stevens said in the accompanying statement "Further depreciation seems both likely and necessary, particularly given the significant declines in key commodity prices". He often uses that sort of language on the currency, and I don't expect we'll get much elaboration on that, either.
But, we'll see.
And, attention will then turn towards tomorrow's speech and what it might bring.
