AUD/USD flows: Monthly CPI Hot

The July monthly CPI came in hot for Australia at 2.8% y/y with a 0.9% m/m. It definitely calms speculation of consecutive cuts from the RBA. Yet, we do not see a significant deviation from our forecast and continue to forecast one more cut from the RBA in 2025.

AUD/USD is trading 0.08% higher at 0.6499.