Before the release of the CPI data for the second quarter on July 31st, the Australian currency market became fearful and uneasy. This sentiment stems from the high uncertainty of whether the data will unexpectedly exceed expectations, thus laying the groundwork for an interest rate hike in August. Most of this year's inflation data has disappointed the Reserve Bank of Australia, which remains vigilant because it knows that external assessments of its success or failure depend almost entirely on its ability to suppress price pressures. Currently, the bond market has priced in the possibility of an interest rate hike in August at about 30%. The Commonwealth Bank of Australia (CBA) predicts that the overall CPI will increase by 1.0% QoQ and 3.7% YoY in the second quarter. CBA economist Stephen Wu said that if the results are generally consistent with the forecast, the Reserve Bank of Australia will pause in its interest rate hikes in August. However, he added that there is still a risk of unexpected inflationary pressures.