It’s beginning to look a lot like Christmas, with not much movement in currencies or equities. As NAB’s Gavin Friend tells Phil Dobbie, we’re finishing the year on a high, with markets taking a positive view of the year ahead. The US 10-year Treasury yield curve is now the steepest its been since July. Equities are at or near all time highs. Even Europe showed signs of turning ahead, with better than expected IFO numbers. The pound has been held back by no-deal Brexit fears, but they could subside as the new PM pushes on with negotiations. The world is in a very different place to the run-up to Christmas 2018.