Australia’s April inflation came in hot. • The RBA is likely to delay rate cuts and maintain a tightening bias. • However, rate hikes are unlikely to be back on the table. • Quarterly inflation print due on July 31 is more important. AUD likely to be supported by higher commodity prices and property sector measures from China. Australia’s inflation came in higher-than-expected for April. • Headline: 3.6% YoY (vs. 3.5% prior and 3.4% expected). • Core: 4.1% YoY (unchanged). T• rimmed mean: 4.1% YoY (vs. 4.0% prior). This has once again raised concerns about the final stretch of inflation moving back to ... (full story)