In a market wrap, analysts at ANZ Bank New Zealand Limited (“ANZ”) explained that the US yields surged, with wage growth rising at the quickest pace since 2009.
Key Quotes:
“The US 2-year yield rose 7bps to 2.70%, with the 10-year yield up the same amount to 2.95%.
Equities were biased lower on Trump saying he is ready to impose more tariffs on China, in addition to those pending. US shares were down about 0.2-0.3%.
European bourses were mixed, but moves were limited. Global yields followed treasuries, but moves were smaller.
The USD rallied against most in the G10 with AUD hit hard as a proxy for China on the back of trade headlines.
AUD broke below key technical levels and may soon test 2016 lows. NZD also weakened. Oil was up 0.1% and gold fell 0.3% on the stronger USD.”
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