The RBA will release updated economic forecasts in its August Statement on Monetary Policy alongside today's decision. TD Securities does not expect a sharp downgrade to the RBA's inflation forecasts, pointing to elevated oil prices as a continuing upside risk to the inflation outlook. OIS markets are pricing close to zero probability of a hike at today's meeting, TD Securities noted, underscoring how settled expectations already are heading into the decision. Beyond the rate call itself, TD Securities flagged that today's meeting will also bring updated economic forecasts via the RBA's August Statement on Monetary Policy. Any hawkish surprise in that language, driven by the oil price risk TD Securities highlights, would be the more likely source of market movement out of today's meeting.