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These minutes also refer to discussions held by the Fed before the incredibly strong 271,000 October non-farm payrolls number was released, which will only have strengthened their resolve for a rate rise in December.
While the reaction in the US bond market was relatively muted with positioning for a December rate hike already very strong, it was seen as very bullish for equities and in particular financial stocks which would see their margin improve from an interest rate rise.
Of most interest in the Asian session was broad-based pullback in the US dollar index. The Bloomberg Dollar Index, which is less heavily weighted to the euro and the yen than the DXY, fell 0.5% during Asian trade. This helped see a rise in US dollar-denominated commodities and a corresponding rise in materials sectors and commodity-focussed currencies.
The Kiwi dollar and the Aussie dollar rallied 1.4% and 1.1% respectively, their strongest one-day rally since mid-October. But the Malaysian ringgit and the Korean won also saw strong Asian session gains as well.
The expectations for the Aussie dollar to see further decline have been diminishing since the Reserve Bank of Australia (RBA) left rates on hold at their last meeting and we saw stronger-than-expected October employment growth. The other interesting development is the Risk Reversal (which reflects the relative weights of puts and calls in the options market) has been indicating that expectations for the Aussie to decline further has slowly been receding since their major move down after the Fed meeting on 28 October.