Gracing the Asian market session today is the release of the Reserve Bank of Australia (RBA) meeting minutes report for the June edition of the policy meeting.
Earlier this month, the central bank made a surprise move by raising interest rates by 25 basis points to 4.10%.
According to the minutes released, RBA policymakers have actually considered whether to raise rates or keep them unchanged.
The RBA believes that rate hikes will give greater confidence that inflation will return to target within a reasonable time frame.
He added that the balance of risk to inflation has shown an upward trend since the May meeting.
However, a strong factor for a temporary stop (pause) prompted the market to reduce expectations that there will be two more hikes by the end of the year.
This was shown in the trading decline of the Aussie dollar and 3-year Australian bond yields in the Asian session, in addition to being affected by China's decision to lower its interest rates.
In the meantime, Governor Philip Lowe said the RBA's decision was now influenced by data that proved to be uncertain, and the main issue was that inflation was still high at around 7% far from the central bank's 2-3% target.
RBA forecasts show headline inflation will not reach its target peak until mid-2025.
