Market wrap: euro rolled over in NY trade - Westpac

Analysts at Westpac explained that major currencies generally saw little net change in London and NY trade, though kiwi weakness was persistent. 

Key Quotes:

"EUR/USD initially rose from 1.1960 to 1.1996, helped by ECB Villeroy who said that bond purchases were likely to end in either Sep or Dec, with higher interest rates following “some quarters but not years” later. But the euro rolled over in NY trade, slipping under 1.1930 by the Sydney morning."

"GBP/USD also tried the upside, to just above 1.3600, then slid back to 1.3555, with various gloomy headlines over Brexit negotiations." 

"USD/JPY rose from 109.40 in the Sydney afternoon to 109.65, helped by the rise in US treasury yields."

"AUD/USD traded sideways in the mid-0.75s until the NY afternoon when it fell in line with a stronger US dollar, to 0.7525. Underperformer NZD fell 0.8% over the day, in a steady decline to around 0.6915, very close to fresh lows since December. AUD/NZD thus rose 0.6% to 1.0895 – the highest since 1 Feb – as NZD remains unfavoured post-RBNZ MPS."

"The US 10yr treasury yield rose from 2.96% to 3.00%, while 2yr yields rose from 2.53% to 2.55% - a fresh 10-year high."

"Fed fund futures yields continued to predict a rate hike in June as effectively certain, and an additional hike by year-end."