Asia markets were mostly higher on Monday, with Chinese mainland shares falling, as traders digested weak Chinese PMI data.
Weak 2Q GDP and poor consumer confidence are not supportive of a Fed rate hike till next year, says Compass Global Markets' Forex SVP, Tony Boyadjian.
The RBA has no reason not to cut rates at its next meeting this week, says Crestone Wealth's CIO, David Sokulsky.
The Nikkei rebounded from Tuesday's sell-off as most Asian markets waffled on Wednesday before key central bank decisions and major earnings reports.
CBA's Michael Blythe says Australia's Q2 CPI was in line with RBA expectations, and the central bank had mentioned that more rate cuts could come.
Australia's underlying inflationary pressures are still soft but are widely expected to pick up, says Urbis Chief Economist Nicki Hutley.
The headline figure will likely come in at 0.7 percent quarter-on-quarter, because of higher food, oil and apparel prices, says NAB's Ivan Colhoun.
The yen hit a high against the euro and rose against the dollar as traders lower expectations of a Japanese stimulus injection.
UBS WM's Wayne Gordon says the Fed might hike rates as soon as December because of improving U.S. data, which might lead to an unwinding of carry trades.
Asian central banks should be taking the opportunity to preemptively cut interest rates, says Barclays' Mitul Kotecha.
Australia faces the prospect of losing its vaunted AAA rating, after S&P Global Ratings lowered the outlook on the country's debt to negative.
The safe-haven yen hit a 3-1/2 year high against sterling on fears about the impact of Brexit.
The Japanese yen rose almost 1 percent against the euro and dollar while sterling fell to new long-term lows.
Most Asia markets stumbled on Tuesday, with shares in Australia falling amid an uncertain election outcome and an on-hold central bank.
Commonwealth Bank's Gareth Aird says there were not much clues in the RBA statement, but it is likely watching Q2 CPI before making a rate move.
The RBA's easing cycle will likely weaken the Australian dollar against the greenback, says BofAML's Claudio Piron.
The Reserve Bank of Australia will probably stay neutral as it won't want to add any fuel to the political uncertainty, expects HSBC's Paul Bloxham.
If the Labor Party wins, the fiscal environment would be different which would lead to the RBA less likely to cut rates, says BoS' Richard Jerram.
The RBA might not necessarily signal an easing bias in its July's statement in order to cut rates in August, says Nomura Australia's Andrew Ticehurst.
The RBA will likely wait until Q2 CPI figures come out before it reassesses interest rates, says Compass Global Markets' Tony Boyadjian.