Dollar extends multi month decline - Westpac
|Analysts at Westpac offered a market wrap.
Key Quotes:
"Global market sentiment: Risk sentiment remained elevated (S&P500 +0.5%), the news flow thin. US interest rates remained firm but the US dollar extended a multi-month decline.
Interest rates: US 10yr treasury yields ranged sideways between 2.24% and 2.26%, 2yr yields slipped from 1.29% to 1.28%, and Fed fund futures yields firmed slightly, pricing a June rate hike as a 90% chance (from 85% the previous day).
Currencies: The US dollar index is 0.2% lower on the day, making a six-month low. EUR rose from 1.1160 to 1.1264 – a seven-month high – after German Chancellor Merkel said the rising trade surplus was due to the euro being too weak. USD/JPY fell from 111.50 to 110.93. AUD rose from 0.7440 to 0.7489. NZD outperformed, rising from 0.6940 to 0.6998, possibly in anticipation of a stimulatory NZ Budget on Thursday. AUD/NZD fell from 1.0740 to 1.0683."
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