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Q3 CPI Surprises On The Upside, A$ Bid, Yields Higher

AUSTRALIA DATA

Australian Q3 CPI has surprised on the upside. The headline at 1.2%% q/q (1.1% forecast). Trimmed mean 1.2% (1.0% forecast). Q2 was also revised higher to 1.0% q/q (from 0.9%). The September monthly print rose 5.6% y/y, versus 5.3% forecast. AUD/USD spiked on the release, getting to 0.6389 before, settling back at 0.6375/80. We were around 0.6360 prior to the release. In the bond space, futures are 5-10 cheaper, while ois 7-10bp is firmer for '24 meetings, more details to follow.

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