• We are now seeing more underlying inflation pressures

Well, that fits with the more hawkish step by the central bank yesterday. The next key inflation release will come later this month on 27 April so let's see how that will shape expectations ahead of the next RBA policy meeting on 3 May.

As things stand, the market is looking more towards June for the first step by the RBA - it was previously August before yesterday's communique from the central bank.