• AUD/USD receives support as hot inflation data fuel speculation that the RBA may raise rates in August.
• Australia’s Consumer Inflation Expectations rose to 4.4% in June from May's 4.1%, indicating ongoing cost pressures.
• US GDP Annualized (Q1) is expected to increase 1.4% from the previous growth of 1.3%.

AUD/USD remains stable after gaining in the previous session, trading around 0.6650 during the Asian hours on Thursday. The Australian Dollar (AUD) is supported against the US Dollar (USD) due to heightened inflation concerns, fueling speculation that the Reserve Bank of Australia (RBA) might raise interest rates again in August.

On Thursday, Australia’s Consumer Inflation Expectations rose to 4.4% in June from May's 4.1%, indicating ongoing cost pressures with inflation still above the RBA's target range of 2%-3% due to persistently high service costs.

Australia’s monthly Consumer Price Index (CPI) jumped to 4.0% in the year to May, up from the 3.6% increase recorded in April, according to data published by the Australian Bureau of Statistics (ABS) on Wednesday. This increase exceeded the market forecast, which predicted a 3.8% growth for the reported period.

RBA Assistant Governor Christopher Kent stated on Wednesday that recent data emphasize the necessity of remaining vigilant about potential inflation increases. Kent noted that current policies are contributing to slower demand growth and lower inflation. He also mentioned that no options regarding future interest rate adjustments are being excluded, per Bloomberg