Looking ahead to 2:30pm we are in the camp that the RBA will leave rates on hold however we are of the firm belief we will see a rate cut in August. Of more importance will be the language they use in the statement to accompany the decision. The RBA in recent months has focused closely on weakening inflation in Australia. With official CPI data not released till July 27 and a surprise read yesterday by the Melbourne Institute that showed inflation growing an usual 0.6% for June, assisted by a large rise in travel, accommodation and fuel.