Rates rethink
• Higher bond yields. Stronger services PMI data in Europe and the US has seen interest rate markets adjust further. This has weighed on risk sentiment.• USD firm. The lift in US yields is supporting the USD. AUD has drifted back. Locally, wages data is released today.• AUD/NZD in focus. RBNZ announcement today. Will the RBNZ stay the course and hike by 50bps, or will it hold back given the cyclone impacts? A negative night for markets with investor sentiment shaken by another jump in bond yields as positive economic data fueled expectations central banks, particularly the US Fed, have...