RBA communications "have turned more cautious since early May"
- This includes comments from the RBA governor about wanting the RBA to be a "source of stability and confidence", increasing the focus on risks to the RBA's benign central case, and a speech this week that market participants have interpreted as suggesting that the cash rate may be kept unchanged (rather than go up) for longer than previously expected
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Lacklustre China data
Weak Australian data
- are turning market sentiment more negative on the AUD"
