The Day Today 3 Dec 2013

Yesterday’s gangbusters US ISM Manufacturing data took the US 10yr back to 2.80% level as expectations build for a strong employment report on Friday. We’ve just got the small matter of the Bank of Canada, ECB, BOE and UK Autumn Statement before then…

* RBA continues to say AUD is “uncomfortably high” as rates remain on hold, with a lower currency “likely to be needed to achieve balanced growth {fifw NSN MX7TNQ6S9729 <go>}
* China’s yuan overtook the Euro to become the second-most used currency in global trade finance, according to SWIFT {fifw NSN MX84D56JIJV2 <go>}
* As the Canadian dollar heads to a 2year low… Ottawa Citizen: Why Canada’s policymakers may want a weaker loonie
* Construction Index in U.K. Shows Fastest Expansion for More Than Six Years {fifw NSN MX865M6S972F <go>}
* Telegraph: ‘The cost of insuring British debt against default has fallen below the levels for the US, Switzerland, Japan and every major eurozone state except Germany’

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