ANZ still expect a rate rise from the RBA next week, a +25bp cash rate hike

An unchanged call for the Reserve Bank of Australia even after the better inflation figures earlier:

• ForexLive Asia-Pacific FX news wrap: Australian inflation surge slows a little

ANZ:

• We still expect a rate rise from the RBA in July despite the deceleration of monthly inflation (though the risk of a pause increases).
• CPI ex volatile items and holidays barely moved in May.
• Strong jobs momentum may also sway the RBA’s decision towards a rise.

ANZ are forecasting a +25bp cash rate hike. The RBA meet on July 4.