US politics still in the driver’s seat
• US politics. Trump’s Treasury Secretary pick supported sentiment. US equities rose while bond yields fell. USD lost a little ground.• AUD dip. AUD bucked the trend to be back near ~$0.65. Underperformance on the crosses was a factor. We don’t think this should last.• Data flow. Limited releases today. RBNZ expected to cut rates tomorrow. Australian monthly CPI also due Wednesday. Will it re-accelerate? The market tone has been a bit more upbeat at the start of the new week. News President-elect Trump has nominated experienced hedge fund manager Scott Bessent for Treasury Secretary, a more orthodox choice than...