As highly anticipated by the markets, US Federal Reserve will start its hiking cycle next month on its December 16 meeting, while ECB will likely ease further in its December meeting.

"US Fed may start rising rates this year and raise Fed funds to as high as 1.5% by December 2016", says RBC Capital Markets in a research note. 

This is just the most glaring of many policy divergences across the globe. 

"In LatAm, Colombia and Chile are hiking, Mexico remains neutral but should start tightening after the Fed, while Brazil may ease in 2016. In EMEA, South Africa is tightening but Russia is easing. In Asia, China, India and Taiwan are easing, but most of the others are neutral", added RBC.