world currencies: The dollar drop against other top world currencies was a modest 0.3 per cent but marked a change of direction after eight days of back-to-back gains that have seen it jump almost 4 per cent, according to Nine News Australia. The momentum of the Trump rally in bond yields and the dollar has faded a bit so we are all trying to recover, said Rabobank strategist Philip Marey. Europe main stock markets saw a subdued start as the dip in benchmark bond yields knocked banking stocks that have rallied since the rebound in yields has fuelled optimism about lending profits. He said investors were trying to get a handle on what us President-elect Donald Trump is likely to do when he takes office in January, as well as position for what now looks almost certain to be a us interest rate rise next month. There also us inflation data, so if they dont have any negative surprises we are heading for a rate hike. Today the interesting things are a speech from Fed chair Janet Yellen and whether there is anything new there.
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