AUD - decline in inflation should be enough to keep the RBA on hold at their next meeting

The inflation data is here:

• Australian Q2 Headline CPI 0.8% q/q (vs. 1.0% expected)

And AUD response:

• AUD/USD marked lower after better than expected (with a caveat) inflation data

Analyst responses are coming in, this rapid one via ING:

Another decline in inflation should be enough to keep the Reserve Bank of Australia (RBA) on hold at their next meeting, but the helping hand from base effects will grind to a halt after next month, which could set the stage for a further hike in September.

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ps. The next Reserve Bank of Australia meeting is August 1