Market wrap: mixed lacking a common thread - Westpac
|Analysts at Westpac offered a market wrap.
Key Quotes:
"Global market sentiment: Markets were mixed, lacking a common thread. US interest rates rose amid some firm economic data, but the US dollar slipped. Oil and iron ore rose but the AUD and NZD retraced. Equities are slightly lower.
Interest rates: US 10yr treasury yields rose from 1.74% to 1.80%, while the 2yr yield rose from 0.86% to 0.87%. The 5yr auction was lacklustre.
Currencies: The US dollar index is slightly lower. EUR rose from 1.0890 to 1.0946 (ECB “sources” reportedly said it would keep buying bonds beyond March) but retraced to 1.0905 late NY.USD/JPY rose from 104.05 to 104.60. AUD retraced all of yesterday’s CPI-led gain, falling from 0.7705 to 0.7637. That was despite iron ore rising another 1.8% to a six-month high. NZD slipped from 0.7184 to 0.7150. AUD/NZD fell from 1.0756 to 1.0672."
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