With hawkish RBA minutes raising the stakes, Australia’s CPI report could set the tone for the Aussie’s next move. Our Event Guide for Australia's July CPI Report flagged a sharp jump in the TD-MI Inflation Gauge and a reacceleration in services output prices, both pointing to a stickier print than the 3.2% headline consensus implies. If the data confirms what the leading indicators are suggesting, AUD/USD and AUD/CAD could offer setups worth watching on either side of the risk environment.