The dollar is back on the defensive this morning as markets absorb yesterday’s unexpectedly-neutral Federal Reserve rate cut as well as a stumble in the overheated US tech complex ahead of next week’s cluster of event risks. Treasury yields are slightly lower across the curve, and traders are assigning a marginally higher probability to additional easing in 2026 after yesterday’s decision landed with...

• US Fed. Another US rate cut announced. But guidance wasn’t as ‘hawkish’ as feared. Positive for sentiment. USD weaker. AUD close to year-to-date peak.• AU jobs. Australian employment data due today. Monthly figures are volatile. Another solid report would reinforce views RBA may hike rates in early-2026. Global Trends The US Fed meeting was the market focal point overnight....

The Federal Reserve cut rates for a third consecutive time this afternoon, and opened the door to a January pause amid growing uncertainty on the economy’s underlying trajectory. In the widely-expected decision, the Federal Open Market Committee voted by a surprisingly balanced 9-to-3 margin to lower the target range for the federal funds rate to between 3.50 and 3.75 percent. Trump appointee...

As had been almost universally expected, the Bank of Canada left its policy settings on hold this morning, and again clearly signalled that policy rates are sitting at near-neutral levels, minimising the likelihood of another move in the coming months. Policymakers led by Governor Tiff Macklem maintained the policy rate at 2.25 percent after cutting at both the September and October meetings, and...