Below we have collated the opinions of our rates trading desk on the near term price action following today's 2:30pm (AEST) June RBA announcement. We have included 3 scenarios - the RBA on pause with an accompanying neutral statement, a pause with a hawkish statement and a 25bp hike.

Markets: Equities bounce initially as US debt deal draws closer but then turn tail as US ISM report disappoints, global manufacturing PMIs generally weaker. USA: ISM manufacturing falls 4.4pts to 50.9 in July, below mkt. USA: Construction spending rises 0.2% mom in June, above mkt.

Markets: Equities weaker & Treasuries rally as US GDP report disappoints & US debt impasse drags on, Dollar weaker, mkts open more positively Monday morning as US debt deal said to be "very close".

CURRENCY: Some semblance of sanity should prevail in markets today. Expect a certain wariness of movement for the NZD as it remains on the sidelines and focus is squarely on developments in the European arena.

Markets: Disappointing non-farm payrolls interrupts risk rally, S&P500 ends down 0.7%, 10-year Treasuries rally 11bps but Dollar strengthens against Euro as peripheral spreads widen. USA: Nonfarm payrolls rise 18k in June, well below mkt, unemployment rate rises 0.1pps to 9.2%.

CURRENCY: Action in the NZD should liven up today as month end flows approach. The anticipation of Greek parliamentary measures by markets leaves the door open for disappointment should things not progress smoothly.

Markets: European equities little changed on average but US equities rally as banks gain on lower-than-expected Basel capital buffers, hopes for successful Greek austerity passage and expected consumer benefit from lower commodity prices, Treasury yields rise, Dollar generally stronger.

OUTLOOK CURRENCY: Expect a day of relative quiet for the NZD today as it remains in the 0.80USD zone. Offshore guidance will be taken, particularly from the EUR, as increasing belief that some additional Greece assistance is on the way.

OUTLOOK CURRENCY: Reduced risk appetite will limit topside moves for the NZD today to the low 0.81USD area as markets evaluate Asia's response to overnight moves. Expect support in the NZD to further emerge on an extension to 0.8060USD.

HEADLINES... Markets: US equities post another solid session, 10 year Treasuries little changed. In FX the USD trended a little lower as market participants anticipated the Greece confidence vote passing.