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Market wrap: a subdued session, dollar sideways - Westpac

Analysts at Westpac offered a snapshot of the FX space.

Key Quotes: 

"Global market sentiment: US bond yields remained elevated, the USD was steady, and AUD and NZD performed poorly amid little newsflow.  

Interest rates: US 10yr treasury yields ranged between 2.37% and 2.40%, although 2yr yields nudged higher from 1.65% to 1.67% - a fresh high since Oct 2008. Fed fund futures yields continued to price the chance of a December rate hike at almost 100%.

Currencies: The US dollar index ranged sideways overnight, up 0.2% on the day. EUR remained inside a 1.1640-1.1675 sideways range. GBP was the day’s underperformer, mostly due to growing threats to PM May’s leadership, but it did find a bottom at 1.3063, rebounding to 1.3134. USD/JPY made a roundtrip from 113.65 to 113.25 and back. AUD fell from 0.7665 to 0.7617. NZD fell from 0.6935 to 0.6894. AUD/NZD ranged sideways between 1.1045 and 1.1075."

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