Analysts at Westpac offered a market wrap.
Key Quotes:
"Global market sentiment: The US healthcare bill was scrapped but caused only a slight decline in the US dollar and US interest rates. US data and Fedspeak were mixed.
Interest rates: US 10yr treasury yields fell from 2.44% to 2.39% after the healthcare bill was scrapped due to insufficient support, but later pared the rally to close at 2.41%. 2yr yields similarly fell from 1.28% to 1.24% and closed at 1.26%. Fed fund futures yields were little changed, pricing around a 60% chance of the next hike occurring in June.
Apart from the healthcare bill cancellation, there was also mixed data for the rates markets to absorb (strong durable goods orders, disappointing manufacturing PMI), as well as Fedspeak (voter Dudley hawkish, non-voter Bullard dovish).
Currencies: The US dollar index fell to a two-month low before staging a minor rebound to close down only 0.1%. EUR rose from 1.0770 to 1.0818. USD/JPY ranged between 110.60 and 111.50. AUD ranged between 0.7604 and 0.7633. NZD rose from 0.6995 to 0.7043. AUD/NZD fell from 1.0885 to 1.0830."
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