Patience is the key word here as the RBA will look to keep monetary policy unchanged for the most part.
Since the last meeting, the Australian labour market has continued to tighten with inflation dynamics also shifting to side with the potential for tighter policy later in the year. The RBA hasn't been explicit about it yet but market participants are looking towards a likelihood of a move some time in August (after the release of the Q2 CPI report).
The central bank has always been rather "methodical" so I wouldn't expect them to be too hasty. It's all about the language in the statement in today's decision and I would expect the forward guidance to be maintained. If anything else, it is the RBA's outlook that will be more of a tell for any hawkish signals.
Bear in mind that the market has already looked to price in rate hikes as soon as May (odds now are roughly a coin toss).
As such, a lack of hawkish undertones or even a reiteration of a more dovish stance could see the aussie be pinned lower in the immediate reaction.
