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Shallow Correction


Some Euribor Downside Ahead Of Next Week's ECB


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Little Follow Through From CPI Beat


AUD/USD hasn't seen much follow following the Q3 CPI beat. The pair spiked above 0.6400, but we are now back to 0.6375/80, slightly below levels that prevailed prior to the print. Broader USD sentiment is firmer, amid weaker US equity futures, so that is dominating for now.

  • The headline and preferred RBA core measure beat expectations (1.8%, versus 1.6% expected for headline, y/y came in at 7.3%, while for core 1.8% trimmed mean against 1.5% expected, taking the y/y pace to 6.1%).
  • Bond yields are off earlier highs, the 3yr got above 3.60%, but we are now back to 3.56%, still comfortable higher on pre-release levels (nearer 3.46%). The 2yr is around 3.475%, following a similar trajectory, while the AU-US 2yr spread is back to -99bps, around 6-bps higher.

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