Heads up: RBA monetary policy decision coming up later at 0430 GMT ...Middle East

Looking further out to year-end, traders are pricing in ~74 bps of rate cuts in total. And that's roughly three more rate cuts, including the one today.

But with the central bank expected to deliver a rate cut, the statement language is not likely to differ all too much from May. A couple of key wordings to be mindful of:

Maintaining low and stable inflation is the priorityThe risks to inflation have become more balancedInflation is in the target band and upside risks appear to have diminishedWill be attentive to the data and the evolving assessment of risks to guide decisionsFocused on mandate to deliver price stability, full employment and will do what is necessary to achieve that

We'll have to see which parts they'll be keeping, if not all of them this time around.

This article was written by Justin Low at www.forexlive.com.

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