FXStreet reports that Lee Sue Ann, Economist at UOB Group, believes the RBA would refrain from acting on interest rates for the time being.

“The RBA has effectively exhausted conventional monetary policy by cutting the OCR to its selfimposed floor of 0.25%. Hence, we do not see further reductions in the policy rate, with negative rates ruled out by RBA Governor Phillip Lowe (for now).”

“The focus will remain firmly on end-user rates via the yield curve target, as well as ensuring sufficient liquidity in bond markets and the free flow of credit to households and businesses.”