All eyes are on Australia's upcoming CPI report, which could shake up RBA rate expectations and AUD positioning across the board. Our Event Guide for Australia's Q2 CPI highlights some evidence from leading indicators, including business surveys and commodity price pressures, that suggest inflation may have cooled more than expected during the quarter. Even recent jobs data showed some softening in wage growth, potentially signaling broader disinflationary trends that could force the RBA to reconsider its hawkish stance. If inflation comes in below the 2.4% expectation, dovish RBA repricing could weigh heavily on the Aussie against both risk currencies and safe havens alike.