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Free AccessDomestic Data Signals Amplify Pressure To ACGBs, Futures Print New Session Lows
The release of Australian jobs statistics applied a modicum of further pressure to ACGBs amid evidence of continued tightness in the labour market. Employment grew more than expected, solely on the back of gains in full-time positions. The unemployment rate stayed at the 48-year low of 3.9% (vs. 3.8% expected), due to a larger than anticipated uptick in participation. The ABS commented that "average employment growth over the past three months (30,000) continues to be stronger than the pre-pandemic trend."
- Separately, a Melbourne Institute survey showed that consumer inflation expectations for 1-year ahead rose to +6.7% Y/Y in June from +5.0% recorded in May.
- The data inspired a light boost to hawkish RBA bets, albeit the implied change in cash rate target come the end of the next Board meeting remains comfortably below pre-Fed highs.
- YM trades +9.3 & XM +6.5, both lodging fresh session highs, after losing some altitude earlier. Bills run 4-8 ticks higher through the reds. Cash curve still runs steeper, but yields are way off initial lows, last 2.8-7.2bp lower.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.