Market wrap: antipodeans are the under performers - Westpac

Analysts at Westpac offered a market wrap.

Key Quotes:

"Global market sentiment: US interest rates continued to price in a Trump-led infrastructure expansion, supporting the US dollar, but equities consolidated the week’s gains. The AUD and NZD underperformed the majors.

Interest rates: The bond markets were closed for a US holiday, but futures traded, the implied US 10yr treasury yield rising from 2.15% to 2.18% - a fresh 10-month high. Fed funds futures continued to imply a greater than 70% chance of a rate hike in December.

Currencies:  The US dollar index rose by around 0.3% to a 10-month high. EUR fell from 1.0920 to 1.0830. USD/JPY ranged sideways between 106.04 and 106.88. AUD fell from 0.7630 to 0.7525 – a one-month low – despite iron ore surging 7.7% to $79.81 – a two year high. NZD fell from 0.7225 to 0.7109 – a one-month low – and opened this morning down to 0.7070 following a series of large earthquakes in the South Island. AUD/NZD drifted higher from 1.0545 to 1.0605, opening this morning at 1.0710."