Australia July CPI Beats Forecasts at 1.0% Month-on-Month, Lifting RBA Rate-Hike Bets

Australia's consumer price index rose 1.0% month-on-month in July, exceeding the 0.9% estimate and swinging sharply from a 0.1% decline in June, adding pressure on the Reserve Bank of Australia to resume rate hikes. The data reinforced market expectations that the RBA's tightening cycle is not yet finished. Meanwhile, gold held broadly steady after a five-day winning streak, with traders cautious ahead of U.S. inflation data and comments from Federal Reserve Chairman Jerome Powell at the Jackson Hole symposium.

Gold dipped slightly in early trading as markets awaited Powell's remarks. Inflation concerns were partially offset by a drop in U.S. Treasury yields and softer oil prices, the latter supported by reports that Iran and Oman discussed ways to reopen the Strait of Hormuz.

The dollar traded in a narrow range, also waiting on the U.S. data and Jackson Hole. In Japan, corporate services inflation accelerated in July, adding to a broader global picture of persistent price pressures across major economies.