This comes after the pause in April already, in case you missed it here. The OIS market is pricing roughly 87% odds of no change, with the remaining 13% odds siding with a 25 bps rate hike. And among Australia's "big four", only CBA is siding - marginally - with a potential 25 bps rate hike to come later today.
Given the build up, I would expect the RBA to stick with the consensus view but perhaps reaffirm that they stand ready to resume rate hikes if need be. In other words, that would be somewhat similar to the messaging from last month already.
As for the aussie reaction, I wouldn't be surprised if we do see a more muted one. But in case there are any hawkish implications, I would argue that any upside will be limited and perhaps look to be faded.
AUD/USD remains just off key daily/weekly support from the 21 November low at 0.6184 with the March lows around 0.6163-67 also in focus. Meanwhile, upside momentum remains capped by the 200-day moving average, seen at 0.6731 currently.
