The Australian dollar held steady to around $0.650 on Wednesday, halting gains from the previous session, as investors digested fresh data including stronger-than-expected inflation print. Data showed consumer prices jumped 2.8% year-on-year in July, up from 1.9% in June and above market forecasts of 2.3%. Additionally, core measures picked up, with the trimmed mean rising to 2.7% from 2.1% and inflation excluding volatile items and holiday travel climbing to 3.2% from 2.5%. Construction work done, also surprised to the upside, rising 3% in Q2 against expectations of 0.8%, while the Westpac Leading Index edged up 0.1% in July, pointing to sluggish growth and a slow recovery into 2026. Still, the Aussie faced pressure as the US dollar regained ground, while global sentiment stayed cautious after US President Trump threatened 200% tariffs on Chinese goods if Beijing restricted magnet exports. Markets remain confident the RBA will cut rates in November despite the volatile CPI series.