The Australian dollar held around $0.72, near a fifteen-week high and on track for a ninth consecutive weekly gain, its longest weekly winning streak since 2010 as markets ramped up bets of an imminent rate hike. The stronger outlook for tighter policy came after a hotter-than-expected July inflation report and household spending data, which rose 1.1% in July, pointing to continued strength in domestic demand despite elevated borrowing costs. The stronger economic figures prompted traders to bring forward bets on an RBA move and several major banks to revise their forecasts, with NAB expecting the cash rate to rise to 4.6% next month, while CBA and ANZ forecast a November move but acknowledge the possibility of earlier tightening. Markets now price in around a 50% chance of a rate increase at the RBA’s September meeting, up sharply from 17% previously, while a November hike is fully priced in. Focus now turns to Q2 GDP and employment data for further clues on the policy outlook.