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CPI Inflation Rises To 17.8% in April


Italy's ENI Set to Open Rubles Account

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AUSSIE BONDS: Bond futures had a brief blip lower after the open, aided by a
stronger than expected NZ CPI release, although the move was short lived and
limited in its degree.
- An uptick in broader risk sentiment has applied some limited pressure in
subsequent trade.
- There has been no notable reaction in the wake of the release of the minutes
from the RBA's most recent MonPol decision, with the Bank's medium term MonPol
views remaining unchanged, and little fresh information apparent in the details
of the meeting. The RBA's glass remains half-full.
- The AU/U.S. 10-Year yield spread hovers around -45bp, while the domestic
3-10-Year cash yield differential trades at ~65.5bp.
- 3-Month BBSW eased by 0.5bp, while repo rates registered month-to-date highs.
Bill strip activity has been limited, with activity centred in IRZ8 post-NZ CPI.
The strip last deals unchanged to 3 ticks lower.
- Later in the week attention will move to the domestic labour market report, an
address from RBA's Debelle re: the labour market and AOFM issuance.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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