Market wrap: dollar retreats from 14-year high - Westpac

Analysts at Westpac offered a market wrap.

Key Quotes:

"Global market sentiment: The US dollar pulled back from a 14-year high and equities pushed higher in a largely news-free session until the FOMC minutes just released.

Interest rates: Prior to the FOMC minutes, US 10yr treasury yields eked a sideways range of 2.44%-2.48%, while 2yr yields rose slightly from 1.22% to 1.24%. 3mth Libor’s fixing exceeded 1.00% for the first time since 2009. Fed funds futures continued to price in a 100% chance of a hike by June and another by November.

Currencies:  The US dollar index is down by around 0.5% on the day. EUR rose from 1.0400 to 1.0492. USD/JPY fell from 118.18 to 117.06. AUD rose from 0.7240 to 0.7284 – a three-week high. NZD rose from 0.6910 to 0.6957, still inside its multi-week range. AUD/NZD ranged sideways between 1.0440 and 1.0480."