Market wrap: ECB was the highlight - Westpac

Analysts at market wrap offered a market wrap.

Key Quotes:

"Global market sentiment: The highlight of the evening was the ECB decision. Policy was left unchanged, as expected, but Draghi also confirmed QE would not end abruptly. EUR fell, the US dollar rose, and AUD and NZD are lower.

Interest rates: US 10yr treasury yields are little changed at 1.75%, although did fluctuate between 1.72% and 1.77% after the ECB statement and press conference. The 2yr yield, however, rose from 0.80% to 0.82%, flattening the curve slightly.

Currencies:  The US dollar index broke free of a week-old range and rose to a seven-month high following the ECB. EUR fell from 1.0980 to 1.0916 – a four-month low. USD/JPY rose from 103.70 to 104.11. AUD underperformed, extending the afternoon’s decline (caused by a disappointing jobs report) to 0.7625. NZD fell from 0.7240 to 0.7183. AUD/NZD preserved the earlier AU job-related decline and ranged between 1.0595 and 1.0625."