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Inflation Data Slips Below Expectations

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Local & Chinese Data Aid Pullback

AUSSIE BONDS

A combination of slightly firmer than expected domestic private sector credit data covering the month of May, a shunt higher in the latest ANZ job ads reading (underscoring the fact that the labour market is very tight at present) and a much firmer than expected non-manufacturing PMI reading out China (accompanied by assertions that the Chinese economy “bottomed out” in May) has applied some very modest pressure to the ACGB space, which was already trading away from best levels ahead of the aforementioned data prints. YM +7.5 & XM +3.0 as a result, while Bills run flat to +6 through the reds.

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A combination of slightly firmer than expected domestic private sector credit data covering the month of May, a shunt higher in the latest ANZ job ads reading (underscoring the fact that the labour market is very tight at present) and a much firmer than expected non-manufacturing PMI reading out China (accompanied by assertions that the Chinese economy “bottomed out” in May) has applied some very modest pressure to the ACGB space, which was already trading away from best levels ahead of the aforementioned data prints. YM +7.5 & XM +3.0 as a result, while Bills run flat to +6 through the reds.