On August 11 (UTC+8), the U.S. July CPI data will be released on August 12 at 20:30. If the data shows a cooling in inflation, it may solidify expectations for the Fed to drop interest rates in September. However, if there are signs that Trump's tariffs are exacerbating price rises, the Fed may temporarily maintain interest rates. Francesco Pesole, a forex strategist at ING, stated that ahead of tomorrow's data release, it is important to note that the threshold for a hawkish surprise from the Fed has become higher. Given the deterioration in the labor market, if the core CPI month-on-month is expected to record 0.3%, it will provide the Fed with room to drop interest rates.