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."
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