CORE REGIME — The Munir offer materially compressed the Oil risk premium, while genuinely hot Australian CPI strengthened the RBA upside-risk case: headline printed 1.0% m/m and 3.5% y/y, with Trimmed Mean at 0.5% m/m and 3.6% y/y. AUD now owns the strongest internal FX stack, although -2.1% construction is a growth caveat. Core PCE and GDP at 7:30pm WITA remain the decisive AUD/USD and broader USD-cross gate; soft data favours non-USD risk FX, while upside surprises restore the hawkish Dollar case.
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