Data shows that inflationary pressures have surged to 4.0%, higher than the estimated 3.8%. The report indicates that rising fuel, food, electricity, and rental prices are driving this inflationary pressure.

The continuous rise in Australian inflation has led the Reserve Bank of Australia (RBA) to maintain hopes of further interest rate hikes. Currently, the RBA has kept the interest rate at 4.35%.

On the U.S. economic front, investors are awaiting the U.S. Personal Consumption Expenditures (PCE) price index data for May, which will be released on Friday. The PCE can indicate the future trend of U.S. inflation.