AUD

• Consolidation. Positive momentum in equites stalled & bond yields slipped back. USD ticked up a bit, but the AUD remains near the top end of its 3-month range.• US macro. US home sales fell again as tighter conditions bite. FOMC meeting minutes reiterated that they are now in a position to “proceed carefully”• RBA speak. Comments yesterday by Gov. Bullock & the November meeting minutes struck a slightly more ‘hawkish’ tone. Gov. Bullock gives a speech tonight. It has been a rather uneventful night with market moves modest. Positive momentum in US and European equities stalled (S&P500 -0.2%) and...

• Positive tone. Equities generally added to recent gains, bond yields consolidated, oil & copper rose, & the AUD has edged up to a ~3-month high.• Weaker USD. The USD has remained on the backfoot. The US leading economic index fell again, pointing to a sharp growth slowdown over the period ahead.• RBA rhetoric. Today, RBA Gov Bullock appears on a panel & the minutes of the November meeting are released. Gov Bullock delivers a speech tomorrow night. It has been a relatively quiet start to week across markets. Equities have generally added to recent gains with the US outperforming....

• Positive tone. Risk sentiment improved on Friday. Equities were firmer, oil & copper rose, & the USD lost ground. The AUD rebounded.• Holiday markets. It looks set to be a quieter week due to US Thanksgiving (Thurs), reduced US trade on Friday, & with few global events scheduled.• RBA speak. November meeting minutes are released (Tues), while Governor Bullock is appearing on a panel (Tues), & delivering a speech (Weds). Twists and turns continued on Friday with markets ending the week on a more positive note following Thursday’s negative tone. European equities rose (EuroStoxx50 +0.9%) and the US S&P500...

• Yield rebound. US yields partially recovered. But equities added to their gains & the USD consolidated. The backdrop helped the AUD hold its ground.• Global data. US PPI inflation undershot expectations, & US retail sales weakened. By contrast, momentum in China is improving & Australian wages quickened.• AU jobs. AU employment report today. Labour force lottery may be nosier than usual thanks to school holidays & impacts from the voice referendum. Following yesterday’s US inflation driven drop US bond yields partially reversed course overnight. The US 2yr and 10yr rates rose 8-9bps, however it hasn’t been enough to recoup...