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Bid After Modest WPI Miss (Which Met RBA Exp.).

AUSSIE BONDS

Aussie bond futures move higher in the wake of slightly softer than expected Q2 WPI data, with YM briefly showing through its overnight session high, while XM lags as the curve steepens. YM now sits at unchanged levels, while XM is -2.5 on the day. The +2.6% Y/Y & +0.7% Q/Q WPI prints provided 0.1ppt misses vs. the respective BBG median estimates, but the Y/Y reading was in line with the projection in the latest RBA SoMP and shouldn’t change the picture re: the central bank’s near-term tightening trajectory.

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Aussie bond futures move higher in the wake of slightly softer than expected Q2 WPI data, with YM briefly showing through its overnight session high, while XM lags as the curve steepens. YM now sits at unchanged levels, while XM is -2.5 on the day. The +2.6% Y/Y & +0.7% Q/Q WPI prints provided 0.1ppt misses vs. the respective BBG median estimates, but the Y/Y reading was in line with the projection in the latest RBA SoMP and shouldn’t change the picture re: the central bank’s near-term tightening trajectory.