Australia July CPI rises 3.5% year-on-year

Australia's July CPI printed at 3.5% year-on-year, cooling from prior readings and moving closer to the RBA's target band. The data supports expectations of steady policy rates, though softer inflation narrows the case for further hikes. AUD/USD traders will parse the implications for RBA hold bias versus growth headwinds as hawkish Fed repricing dominates FX flows this week.