The Reserve Bank of Australia has opted to keep the cash rate at a record low of two per cent.

RBA governor Glenn Stevens’ decision was in line with the expectations of currency traders, 92 per cent of whom predicted that there would be no change.

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The RBA has cut rates twice already this year, in February and May.

The announcement had little effect on markets. The ASX 200 momentarily jumped by around 15 points, before settling down again. The Australian dollar, meanwhile, momentarily lurched upwards, then fell by 0.1 of a cent.

Those minimal effects go to show how thoroughly expected the RBA’s decision was.

In his statement, Mr Stevens gave very little sign of whether we can expect any further rate cuts this year.

“The Board today judged that leaving the cash rate unchanged was appropriate at this meeting,” he said.

“Information on economic and financial conditions to be received over the period ahead will inform the Board’s assessment of the outlook and hence whether the current stance of policy will most effectively foster sustainable growth and inflation consistent with the target.”

As usual, Mr Stevens’ statement was guarded. He pointed to Australia’s below-trend growth, falling terms of trade, and high levels of unemployment, all of which are reasons to keep the cash rate at a record low.

However, he also pointed to the falling Australian dollar and stable rates of inflation, evidence that neither a further cut nor a rise are currently needed.

Mr Stevens referred to events in Greece and China only in passing, and noted that the US Federal Reserve is likely to start raising its cash rate “later this year”.

This latter point is of particular significance for the RBA, as a higher US interest rate will almost certainly lead to a weakening of the Aussie dollar against the US dollar. If that happens, another RBA rate cut this year will be less likely.