Market wrap: dollar rebounded despite European pressure - Westpac
|Analysts at Westpac offered a market wrap for last week's closing US session.
Key Quotes:
"Global market sentiment: Risk aversion in Europe and disenchantment with the “Trumpflation” view were the main features of Friday’s session. Interest rates are lower and the US dollar rebounded in NY.
Interest rates: US 10yr treasury yields fell from 2.38% to 2.31% (a one-month low), while the 2yr fell from 1.19% to 1.14%. US Fed fund futures rates were little changed though, the April contract at 0.725% implying around a 40% chance of a rate hike in March. Core European yields fell, in the German 2yr’s case from -0.90% to -0.96% - a fresh all-time low.
Currencies: The US dollar index is unchanged on the day, following a rebound during the NY session. EUR initially rose to 1.0618 but fell in NY to 1.0557. USD/JPY extended a multi-day decline to 111.94, the safe-haven yen outperforming all the majors. AUD fell from 0.7720 to 0.7665. NZD fell from 0.7240 to 0.7193. AUD/NZD extended a multi-day decline to 1.0643."
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