 With US-China on track to phase one trade deal, and UK preparing for December election, focus turned back to economic data and central banks last week. In particular, Canadian Dollar ended as the worst performing after BoC's surprise dovish turn, which opened the door for rate cut. Dollar followed as second weakest as markets believed Fed is just in pause with its mid-cycle adjustment. Australian Dollar, on the other hand, ended as the best performing one as markets pared back bets on imminent RBA cut. US stocks were boosted by economic data and Fed expectations, with S&P 500 and NASDAQ closed at record highs. Corresponding strength in European and Asian indices was not clear yet. Treasury yields were back under pressure, with US 10-year yield closed below 1.8 at 1.728. German 10-year yield breached -0.4 handle before closing at -0.383. Japan 10-year yield also dropped back to -0.18. Gold also struggled in established range, around 1500 handle, in spite of Dollar's selloff. |
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