Reserve Bank of Australia's unchanged rates almost a foregone conclusion

Following the rate cuts in February and May, a lengthy period of stability is, in our view, the most likely scenario. There is no clear bias in its policy. 

"That is entirely in line with the median forecast as well as market pricing, the OIS market was discounting a mere 7% chance of a 25bp rate cut in July", says Societe Generale.

The RBA has avoided giving any rate guidance since last cutting the policy rate in May, and there is no obvious reason why it should change this at the July meeting