Market wrap: antipodeans sold off - Westpac

Analysts at Westpac offered a market wrap as we head over to Asia where AUD/USD and NZD/USD are trying to recover.

Key Quotes:

"Global market sentiment: Risk sentiment remained elevated in the wake of the US election results. The S&P500 is up 0.5% and US interest rates are higher. Metal commodities performed well (copper +3.6%, iron ore +4.4%).

Interest rates: US 10yr treasury yields rose from 2.00% to 2.12% - a 10-month high, while the 2yr rose from 0.85% to 0.92%. US 10yr break-even inflation rose further to 1.91% - a 16-month high. Demand at the 30yr auction was weak, with a 2.1 bid-cover ratio and lacklustre offshore demand.

Currencies:  The US dollar index is around 0.3% higher. EUR continued to slide, from 1.0950 to 1.0865. The yen underperformed, USD/JPY rising further from 105.00 to 106.95 – a three-month high. AUD initially rose to 0.7742 but fell in NY to 0.7568. NZD similarly fell from 0.7305 to 0.7177. AUD/NZD made a round trip from 1.0550 to 1.0650 and back."