The highlight in Asia-Pacific trading will be the RBA decision 0430 GMT.
The market is pricing virtually no chance of a hike today and no change of a move in rates over the next 12 months. The decision has garnered such little interest that the usual cabal of RBA watchers has hardly bothered to preview the what Stevens may do.
Last week, Terry McCrann wrote that the RBA is wise to stay on the sidelines. Meanwhile a Goldman Sachs bond manager said the RBA may be forced to cut rates before year end as carry trade flows surge into Australia.
The earlier slight easing bias in the market was damaged on July 22 when CPI numbers were slightly stronger than expected.
On Friday the Australian dollar fell to a nearly 3-month low. If anything, Stevens will look for a way to keep the downside momentum going.
AUD/USD daily chart
