It certainly has been an eventful week. Changes to the RBA post-meeting statement were negligible, emphasising that the RBA is firmly on hold while waiting to see what 2016 will bring. Australian GDP provided mixed signals. Abstracting from the substantial negative impact of mining investment, domestic demand detail was constructive on consumption, but also implied a continuation of the soft non-mining investment trend. Offshore, Chair Yellen clearly laid the foundation for a December first hike, but was more flexible on the path thereafter. Of course the ECB was a material disappointment for the market as Draghi announced a much more incremental approach to policy easing than had been hoped. The Euro appreciated and European equities fell accordingly.



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