RBA not part of the hawk's next - Nomura

Analysts at Nomura explained that the Reserve Bank of Australia (RBA) left its cash rate at 1.50% at its July meeting, as was broadly expected. 

Key Quotes:

"There was no hawkish turn, despite some market expectations ahead of the meeting that the RBA could join other global central banks."

"The RBA continued to provide no clear policy bias, but we would argue that with inflation only projected to rise gradually and wages subdued, the prospect of rate hikes remains distant. Based on our below-consensus growth outlook, we continue to believe that the balance of risks resides with a lower RBA cash rate over the next 12 months."