• AUD/USD eased slightly on Wednesdey as fading hopes of a U.S.-Iran breakthrough offset support from a relatively resilient Australian dollar. • Markets are turning cautious ahead of the U.S. July inflation report, while renewed uncertainty over the Strait of Hormuz is keeping risk sentiment and commodity prices in focus. • The latest developments have pushed Brent crude toward $90 a barrel and increased inflation concerns, potentially complicating the Federal Reserve's policy outlook. •The immediate focus for currency markets is the U.S. July CPI report, due later Wednesday. A Reuters poll expects headline inflation to rise 3.4% year-on-year, while core inflation is forecast at 2.5%.