Will the RBA hike or hold?
• Quiet trade. Minimal moves ahead of today’s US holiday. Yields tick up, with markets shrugging off the deterioration in the US manufacturing ISM.• RBA today. Will they hike or hold? Expectations are split. Markets have a ~32% chance of a hike, while 13 of 27 analysts surveyed have the RBA moving.• AUD reaction. Based on market pricing short-term AUD reaction could be uneven. But as seen in June a RBA rate rise isn’t the be-all & end-all for the AUD. Markets were quiet overnight with US trading sessions shortened due to today’s 4 July holiday. US equities inched higher...