AUD

• Positive vibes. Increased odds of a December US Fed rate cut boosted sentiment. US equities rose. AUD & NZD ticked higher on Friday.• AU/NZ events. RBNZ expected to cut rates again (Weds). Most are predicting a 25bp move. First full monthly CPI inflation report out in Australia (Weds).• Event Radar. In the US shutdown delayed retail sales & PPI data due (Tues night AEDT). Thanksgiving holidays may impact liquidity later in the week. Global Trends Intra-session market swings continued Friday, in line with the erratic daily gyrations that have been coming through recently. The zig-zag pattern in US equities...

• Risk wobbles. Positive sentiment after the Nvidia earnings report faded. US equities declined, as did bond yields. AUD & NZD lost ground.• US jobs. Delayed US jobs data showed stronger payrolls but also higher unemployment. Odds of a December US Fed rate cut have declined.• Data flow. Global PMIs & Fed members speaking today. Because of shutdown backlog Fed won’t have another jobs report before mid-December meeting. Global Trends Risk appetite continues to swing around with another burst of volatility coming through overnight. The positive vibes stemming from yesterday’s corporate earnings report from tech-powerhouse Nvidia faded. Broader sentiment changed...

• Cross-currents. Bursts of intra-day vol., but net market moves minimal. US equities flat on Friday. AUD & NZD ticked up a fraction.• US data. With the government shutdown over US data flow picks up. Delayed September non-farm payrolls report due this week (Thurs night AEDT).• Event Radar. Australian Q3 wages are out (Weds). Global PMIs are on the calendar (Fri). Several US Fed members also set to speak. Global Trends Intra-day market gyrations continued Friday, but the net moves were modest. After opening lower on the back of lingering valuation concerns across the tech-sector the S&P500 ended the session...

• Market wobbles. US shutdown ends. Market jitters return. US equities fall while yields rise. USD softer versus majors like EUR & JPY. AUD slips back.• AU jobs. Employment conditions rebound with unemployment declining. Odds RBA doesn’t cut rates again have risen. China data batch due today. Global Trends There were a few renewed wobbles in risk sentiment overnight with US assets at the forefront of the moves. There was a small sense of the ‘sell America’ theme, which dominated market action a few months ago, returning. US equities lost ground with the tech-sector leading the way (NASDAQ -2.3%, S&P500...