According to Jinshi Data, Betashares chief economist David Bassanese said that with increasing signs of easing inflationary pressures in the United States and the possibility that the Federal Reserve's interest rate cut may be back on the agenda, the Reserve Bank of Australia is likely to postpone raising interest rates in August.

He added that even if Australia's second-quarter CPI came in "slightly higher" than expected, the RBA might hold off on raising rates.

Bassanese believes that if the unemployment rate surges to 4.2% or higher this week, it will increase pressure on the Reserve Bank of Australia to stay on hold next month even if inflation remains high in the near term.