AUD traded near an 11-week high on Tuesday after RBA minutes from the August meeting showed policymakers closer to a rate increase than markets had expected. The minutes said several members judged tightening necessary given upside inflation risks but chose to hold while awaiting further data; they noted employment, inflation and growth data would be available by the next meeting, keeping a rate hike an option. Markets place only a 14% probability on a 25bp increase from the current 4.35% cash r

IEA says even if the Strait of Hormuz reopens, the global energy landscape will not return to its former state.

A former Bank of Japan official said the BOJ is likely to raise rates next month (September) and that markets have essentially fully priced a hike; failure to tighten could trigger another sharp yen selloff. He cited U.S. Treasury official BESSENT’s view that policy action should follow any FX intervention and BESSENT’s hope that governor UEDA will lift rates, adding that BESSENT has repeatedly signalled the BOJ may be next to act and that the government cannot tell the BOJ not to. He said Japan’s inflation momentum is strong and, after an expected September increase, the BOJ is likely to continue tightening—potentially acting again in January and extending the cycle beyond previously assumed terminal rates of 1.25–1.5%.