Market wrap: US CPI disappoints, stocks rally - Westpac
|Analysts at Westpac offered a market wrap.
Key Quotes:
"Global market sentiment: US interest rates fell again overnight, following slightly disappointing US CPI data. US equities firmed, the S&P500 up 0.8%.
Interest rates: US 10yr treasury yields fell from 1.77% to 1.74% via 1.79% after a volatile couple of hours following the CPI data. The 2yr yield fell from 0.82% to 0.80% via 0.83%.
Currencies: The US dollar index is little changed on the day. EUR fell from 1.1025 to 1.0970. GBP performed well, rallying from 1.2220 to 1.2325, helped by core CPI rising from 1.3% to 1.5% (vs 1.4%b expected). USD/JPY ranged between 103.74 and 104.20. AUD extended its multi-day rally to 0.7690 before consolidating to 0.7660. Outperformer NZD similarly extended its run from 0.7180 to 0.7218, largely ignoring the GDT dairy auction disappointment. AUD/NZD fell from 1.0690 to 1.0630."
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