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Daily Alert: Local yields back on the march

  • It’s been a fairly constructive overnight session for equities and risk appetite and the NZD/USD has ground back up to around 0.6800 as a result.
  • The more constructive mood likely reflects in part a pause in the global bond market uptrend. This has been a standout thematic for the year to date and has clear implications for (particularly long-dated) NZ yields.
  • A couple of inflation updates continued the global trend of both headline and core inflation printing above expectations. UK headline inflation came in above the 5.2% expected (5.4%) and core inflation lifted back up to 4.2% (3.9% expected).

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