*Correction in the second bullet
The RBA SoMP hasn't produced a large market reaction. AUD/USD is tracking higher, last around session highs at 0.6585. But this appears to main reflect a positive risk tone, particularly in the equity space.
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NZD/USD prints at $0.6190/95, the pair is little changed today.
CoreLogic house prices fell 10.6% y/y in June in NZ (May -10.2%) falling 1.2% m/m in contrast to Australia where prices rose 1.3% m/m to be down only 4.7% y/y. The cash rate is 5.5% in NZ compared with 4.1% in Australia. While the correction in NZ housing continues, it is down 12.7% from its peak, prices are still 28.3% higher than they were in December 2019. Prices rose 46% over the Covid period.
Source: MNI - Market News/CoreLogic
The latest round of ACGB Nov-33 supply sees firm pricing, with the weighted average yield printing 0.84bp through prevailing mids (per Yieldbroker) and the cover ratio rising above 4.70x.