Market wrap: consolidation except oil 2% higher - Westpac

Analysts at Westpac offered a market wrap.

Key Quotes:

"Global market sentiment: The US dollar and interest rates consolidated overnight, no major news flow to drive markets. Oil rose over 2% after OPEC said prices will rise and it would meet next month. The S&P500 made a fresh record high (just) before slipping back.

Interest rates: US 10yr treasury yields ranged between 1.57% and 1.62%, and 2yr yields ranged between 0.71% and 0.74%. Market pricing of the Fed funds rate firmed slightly, implying around a 30% chance of a rate hike in September, a 55% chance by December, and 100% by Sep 2017.

Currencies:  The US dollar index ranged sideways, consolidating Friday’s payrolls-related gains. EUR ranged between 1.1072 and 1.1105. USD/JPY rose from 102.00 to 102.66. Outperformer AUD rose from 0.7610 to 0.7672 – a one-month high. NZD rose from 0.7115 to 0.7144. AUD/NZD rose from 1.0690 to 1.0744."