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    Market wrap up - Westpac Ross J Burland

    Analysts at Westpac offered a market wrap from overnight trade.Key Quotes:"Global market sentiment: Sentiment remained elevated two days out from the UK referendum. Bookmakers’ probabilities of leaving remained at 26% on average. Fed Chair Yellen reiterated the cautious stance portrayed in last week’s decision statement. Germany’s top court cleared the way for the ECB to buy government bonds outright.  Interest rates: The US 10yr treasury yield rose from 1.66% to 1.70%, the 2yr from 0.74% to 0.76%, with the start of the rise coinciding with the start of Yellen’s testimony (even though it was largely a restatement of last week’s narrative).. Market pricing for near-term Fed hikes firmed slightly, the 27 Julymeeting now given a 10% chance, September at 30%.Currencies:  The US dollar index (DXY) is around 0.5% higher. EUR fell from 1.1350 to 1.1243. GBP initially rose to a six-month high of 1.4783 before retracing to 1.4650. USD/JPY extended yesterday’s bounce to 105.06, the safe-haven yen underperforming. AUD initially rose to a six-week high of 0.7513 before retracing in NY to 0.7454. Outperformer NZD initially rose to 0.7169 – a one-year high – before slipping back to 0.7125. AUD/NZD fell from 1.0515 to 1.0440."

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