Analysts at Westpac offered a market wrap for last week’s closing US session that featured the mixed nonfarm payrolls event.
“Global market sentiment: US payrolls data was mixed, with US fx and rates markets responding mostly to the weak wage growth story. Later on, Fed officials Evans and Williams saw three rate hikes this year as possible, causing a rebound in US yields and the USD.
Interest rates: US 10yr treasury yields fell from 2.50% to 2.42% following the payrolls data, but started recovering a few hours later towards 2.50% after Evans and Williams spoke. They closed at 2.47%.
The US dollar index fell after the payrolls data but partly recovered thereafter to close up 0.1% on the day. EUR rose from 1.0728 to 1.0802. USD/JPY fell from 113.20 to 112.32. AUD rose from around 0.7640 to 0.7695 before consolidating. NZD similarly rose from 0.7260 to 0.7331 and consolidated. AUD/NZD ranged between 1.0485 and 1.0530.”
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