US stocks have bounced back, the US dollar has picked up against the Yen and Treasury yields have climbed a little. As NAB’s Gavin Friend explains to Phil Dobbie, this has happened despite the US Treasury declaring China currency manipulators. In fact, the People’s Bank of China helped contain falls in the Yuan, helping improve market sentiment today. The RBNZ is expected to cut rates today, even though the employment numbers yesterday surprised on the upside. As for the Fed, well James Bullard spoke overnight, pushing a wait-and-see message. He said the Fed certainly shouldn’t respond to tit-for-tat trade disputes. Get across the market news, as always, with the Morning Call podcast from NAB.