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Market wrap: US dollar supported on bullish US data - Westpac

Analysts at Westpac offered a market wrap.

Key Quotes:

"Global market sentiment: Strong US data helped the US dollar and interest rates rise, although those moves were retraced after the FOMC disappointed those hoping for a March-hike signal.

Interest rates: US 10yr treasury yields initially rose after the strong data outturns, from 2.46% to 2.51%, but fell after the FOMC statement to 2.47%. 2yr yields similarly rose from 1.21% to 1.26% before fully retracing.

Currencies:  The US dollar index is slightly higher. EUR fell from the 1.0800 area to 1.0732 before the FOMC. USD/JPY rose from 113.00 to 113.93 before retracing post-FOMC. AUD ranged sideways between 0.7550 and 0.7597. Underperformer NZD extended its jobs data-related decline to 0.7243 before the FOMC helped it jump back to the 0.7280 area. AUD/NZD ground higher from 1.0400 to 1.0440."

AUD/USD back on track towards 0.7600; FOMC statement lacks 'substance'

Currently, AUD/USD is trading at 0.7585, up +0.05% or 3-pips on the day, having posted a daily high at 0.7596 and low at 0.7551. The Australian dolla
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US dollar index erases daily gains after FOMC statement

The US dollar fell across the board following the decision of the Federal Reserve to keep rates unchained at the 0.50% - 0.75% range....
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