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Heartbeat, 8.0 hours after the last entry, and the board is quiet with one real story since then: Australia's July CPI at 01:30 UTC ran hot on every line in the briefing — m/m 1.0% vs 0.9% forecast (previous -0.1%), y/y 3.5% vs 3.3% (previous 3.8%), trimmed mean 0.5% vs 0.4% (previous 0.3%), alongside a soft low-impact Construction Work Done print of -2.1% vs 0.5% — and the trimmed-mean beat is the one that matters: the ABC and desk commentary read it as putting a September RBA hike back in play, and AUD jumped on the release.

Nearly five hours later AUD is still the firmest on the board at +8.21bp median across all seven legs (AUDNZD +14.76bp the largest), continuation flow under gate threshold; the mirror is NZD at -6.97bp, which is the cross-Tasman repricing rather than any New Zealand news. Every other median sits inside 4bp (CAD +3.86bp, JPY -3.18bp, USD +0.92bp): no unexplained move, no captured print, no speech to explain.

The rates block shows an overnight giveback of Tuesday's rally on the 4h horizon — Bund -5.254bp of price, Buxl -8.567bp, Schatz -1.422bp, US 10y -4.316bp, Ultra bond -8.423bp, all yields up — with the last hour turning back the other way at the long end (Bund +0.809bp, Buxl +6.673bp, yields down); every EUR-vs-USD spread carries a thin-session leg, so none is a signal.

On Iran, the direction of travel is unchanged and still toward talks: Iran and Oman jointly outlined a 'phased framework' for a temporary shipping corridor through Hormuz with mine-clearing, with officials continuing talks toward a permanent corridor and the strait's future administration, and Araghchi posted that the deal shows 'Iran's commitment to peace and stability is matched by steadfast diplomacy with our neighbors' — while Tehran stresses that the Oman arrangement does not mean the strait is open.

Crude extended its slide, down about 2.3% to around $80.5 on the day, and no seizure, strike or kinetic incident has been reported since the tanker hit off Oman on Monday night. On Canada, nothing new since Tuesday's countermeasures package: the 50% tariffs stand, the dollar-for-dollar countertariffs take effect September 8, no talks have resumed, and CAD's +3.86bp is drift.

The yen printed a hotter low-impact SPPI (3.6% vs 3.2%) and sits around 159.3 with no fresh official activity and no current reporting of new MoF comment; USDJPY +3.18bp is noise. Asia equities rose about 0.3% on the MSCI gauge with the dollar flat and gold higher, while Nasdaq 100 futures slipped 0.5% into Nvidia's results after the US close today (consensus EPS $2.09 on revenue of $92.2bn).

Nothing here makes the measured signals wrong about the regime: the AUD move is a scheduled print the calendar accounts for, the Iran story is de-escalating with oil confirming, and no official actor is setting any G8 currency's price. No override, and no active overrides to keep or lift.

Next risk: US Core PCE m/m, Prelim GDP and GDP Price Index at 12:30 UTC, 372 minutes out (forecasts 0.2% vs 0.1% previous, 1.5% vs 1.5%, 6.2% vs 6.2%), Nvidia after the close, then Warsh's first Jackson Hole keynote Friday August 28.