###POV: RBA MINUTES EXPECTED TO WARN ON......>

AUSSIE: ###POV: RBA MINUTES EXPECTED TO WARN ON GLOBAL TRADE TENSIONS

The RBA left its cash rate on hold at 1.5% in July for the 23rd consecutive

month. In the accompanying statement it acknowledged the AUD had depreciated a

little, but remained within the range observed over the last two years. The RBA

also signalled improved confidence in the outlook for wage growth.

- Focus turns to the release of the minutes (0130GMT) for further guidance.

- Amid a backdrop of below target inflation and low household consumption, the

RBA is not expected to change its stance that any increase in interest rates

still look to be some time away.

- With continued falls seen in the Sydney and Melbourne housing market, there

are concerns how this will filter through to the household sector. 

- Markets are expected to pay close attention to comments on global trade

tensions between the US & China and how this could affect the Australian economy

and future forecasts.

- There has been a slight slowdown in China Q2 GDP amid Trade War concerns.

Should this deteriorate further it may have a negative impact on the AUD.