Shifting interest rate expectations
• Positive trends. Risk sentiment remained positive on Friday. US & European equities rose, as did cyclical currencies like the NZD & AUD.• AU/NZ factors. After last week’s AU CPI & signals from the RBNZ, markets are toying with the idea the next move in AU & NZ rates may be up not down.• Event Radar. Australia Q3 GDP is out (Weds). In the US, focus should be on the ISM indices, ADP employment, & other labour market indicators. Global Trends It was a quiet end to last week (and November) with the US Thanksgiving Holiday period depressing trading activity....