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Monthly CPI Beat Drives Modest AUD and Local Rate Gains

AUSTRALIA DATA
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The April monthly CPI printed at 3.6% y/y, versus 3.4% forecast (3.5% was the prior outcome). The AUD spiked to 0.6666 post the print. We were at 0.6650 prior. We hold below these levels in latest dealings (around 0.6655). Earlier lows were just under 0.6640.

  • In the rates/bonds space, futures are 3 ticks weaker, OIS is 3-6 firmer. More details to follow.
  • Other data showed Q1 construction work done off 2.9%q/q, against a 0.5% rise forecast.
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The April monthly CPI printed at 3.6% y/y, versus 3.4% forecast (3.5% was the prior outcome). The AUD spiked to 0.6666 post the print. We were at 0.6650 prior. We hold below these levels in latest dealings (around 0.6655). Earlier lows were just under 0.6640.

  • In the rates/bonds space, futures are 3 ticks weaker, OIS is 3-6 firmer. More details to follow.
  • Other data showed Q1 construction work done off 2.9%q/q, against a 0.5% rise forecast.