Analysts at Westpac offered a market wrap.
"Global market sentiment: Trumpflation trades continued to unravel overnight, markets concerned about an absence of information regarding promised fiscal stimulus. The US dollar and interest rates fell further, and the S&P500 is down 0.5%.
Interest rates: US 10yr treasury yields extended the post-Trump press conference slide to 2.31% - the lowest level since 30 Nov – and then ranged sideways. 2yr yields fell to 1.14% before consolidating. Fed funds futures rates slipped 2bp, fully pricing the next rate hike to be in July.
Currencies: The US dollar index is 0.6% lower on the day, extending yesterday’s decline to a one-month low. EUR rose to 1.0685 – a one-month high. USD/JPY fell to 113.76 – a one-month low. AUD rose to 0.7519, and outperformer NZD rose to 0.7145 – both one-month highs. AUD/NZD slipped from 1.0560 to 1.0505."