Overnight, Australia’s July monthly CPI came in hotter than expected at 2.8% y/y (vs 2.3% expected, 1.9% prior), with prices rising 0.9% m/m (vs 0.2% prior). Goods inflation accelerated to 2.3% y/y from 1.1%, while the trimmed mean core measure surged to 2.7% y/y from 2.1%—a sharp jump that briefly lifted AUDUSD to 0.6503. However, the currency quickly reversed and is now trading near session lows. While the monthly indicator provides an early look at inflation, it is not as comprehensive as the quarterly release. Importantly, August data (due 24 September) will capture more services inflation and comes just ahead of the RBA’s 29–30 September meeting.
The U.S. and Canada calendars are light today, leaving markets focused on price action and earnings. After the close, Nvidia reports results—a release carrying outsized weight given its role as a bellwether for AI and semiconductors. For more context, see Itai’s post on Post-Earnings Announcement Drift (PEAD), which highlights how Nvidia has historically exhibited strong post-earnings trends.
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