Market wrap: US dollar index is little changed - Westpac

Analysts at Westpac offered a market wrap.

• US Dollar consolidates in familiar range below 99

Key Quotes:

"Global market sentiment: US interest rates rose after US Treasury Secretary Mnuchin said borrowing via ultralong bond issuance was a good idea. The US dollar remained rangebound but AUD and NZD performed well.

Interest rates: US 10yr treasury yields initially dipped from 2.30% to 2.28% following a mostly disappointing round of US economic data, but later jumped to 2.34% after US Treasury Secretary talked about the merits of issuing ultralong treasuries. 2yr yields ranged sideways between 1.26% and 1.29%. Fed fund futures yields were little changed, pricing a June rate hike as a 75% chance.

Currencies: The US dollar index is little changed and remains inside a week-old narrow range. EUR ranged sideways between 1.0880 and 1.0924. USD/JPY probed the upside, 111.93 a one-month high. AUD rose from 0.7480 to 0.7540. Outperformer NZD rose from 0.6860 to 0.6923. AUD/NZD made a one-month high at 1.0935 early London before slipping back to 1.0890."