Market wrap: dollar slightly higher with a lack of catalysts - Westpac
|Analysts at Westpac offered a market wrap.
Key Quotes:
"Global market sentiment: Amid little major news flow, US bond yields and the US dollar rose slightly, while US equities again made fresh record highs. Copper made a three-year high.
Interest rates: US 10yr treasury yields ranged between 2.28% and 2.30% before jumping to 2.31% after headlines suggesting John Taylor was a favoured Fed Chair candidate, and Trump alluded to an economic development bill. 2yr yields rose from 1.51% to 1.54%, and Fed fund futures yields firmed, now pricing the chance of a December rate hike at 87%.
Currencies: The US dollar index is 0.2% higher on the day. EUR ranged sideways between 1.1780 and 1.1820. USD/JPY bounced off 111.65 to 112.20. AUD ground slightly lower, from 0.7890 to 0.7850. NZD consolidated recent gains, ranging between 0.7168 and 0.7196. AUD/NZD fell from 1.0985 to 1.0935.
Economic Wrap
NY manufacturing activity (Empire) rose from 24.4 to 30.2 (vs 20.4 expected) – an eight-year high. Rebuild activity is expected to remain supportive."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.