DXY recovers from a 13-month low - Westpac
|Analysts at Westpac's market wrap...
Key Quotes:
"Global market sentiment: US interest rates rose slightly while the USD consolidated near a one-year low. There was little news to drive markets.
Interest rates: US 10yr treasury yields rose from 2.23% to 2.26%, and 2yr yields rose from 1.34% to 1.37%. Fed fund futures yields priced the chance of a December rate hike at around 45%.
Currencies: The US dollar index closed 0.1% higher on the day, after making a 13-month low. EUR slipped from 1.1670 to 1.1626. USD/JPY made a one-month low at 110.62 before retracing the day’s losses. AUD initially rose to 0.7968 before retracing to 0.7913. NZD ranged between 0.7420 and 0.7450. AUD/NZD initially rose from 1.0660 to 1.0704 before retracing.
Economic Wrap
Existing home sales fell 1.8% in June (vs -0.9% expected), sales moderating in Q2 following an above-average winter. Still, they are on track for a 4% rise over 2017, similar to 2016’s 3.9%. The median sales price rose from $252,500 to $263,800, for a 6.5% annual gain. US manufacturing PMI (Markit) rose from 52.0 to 53.2 (vs 52.3 expected) – the 14th consecutive month of expansion."
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