FX: The star performer in the session has been the AUD. The currency saw a jolt higher following hotter-than-expected CPI data with the weighted CPI YY measure printing at 4.0% (highest since Nov 2023) and the CPI YY measure coming in at 4.1%. Market probability for an RBA rate hike has increased as a result with the chances of a hike up to 51% for the September meeting.

Equities: Marginal moves seen in equities, after tech saw a decent recovery bounce during yesterday's US cash session. Nvidia saw gains of over 6%.

Commodities: After a bleak NY session for commodities last night, we've seen pretty mixed flows across the board so far, with oil higher but natgas lower, while platinum is up but gold and silver is lower, and in base metals we see iron ore higher but copper marginally lower. Lots of noise, very little signal.

Bonds: Mostly lower across the board (yields higher) with Aussie 10-year yields up to 4.32% following the hot CPI data. For other major benchmark yields we are trading in similar ranges that we've been stuck at for the past two weeks.

Have a fantastic session ahead!