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Back The Other Way Post-CPI

AUSSIE BONDS

The modest downside miss in the headline Q2 Australian CPI reading has put a bid into the ACGB space as participants have started to close the door to the idea of a 75bp August rate hike from the RBA, leaving YM +9.0 & XM +5.0, with the contracts more than reversing their pre-CPI cheapening. Bills now sit 9-17bp richer through the reds, bull steepening. EFPs are mixed, with the 3-/10-Year box twist flattening.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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