Analysts at Westpac offered a market wrap.
"Global market sentiment: US interest rates fell overnight, partly helped by some tepid US manufacturing data. The US dollar pulled back slightly, lifting AUD/USD and NZD/USD.
Interest rates: US 10yr treasury yields fell from 1.81% (a five-month high) to 1.76%, retracing most of the previous day’s rise. The decline started well before the US data releases, and continued even after Fed VC Fischer appeared to support a rate hike this year. 2yr yields fell from 0.84% to 0.81% – a two-week low.
Currencies: The US dollar index pulled back after making an eight-month high earlier in the day. EUR bounced off 1.0964 to 1.1008. USD/JPY slipped from 104.30 to 103.79. AUD rose from 0.7580 to 0.7633. The NZD outperformed, rising from 0.7100 to 0.7141. AUD/NZD extended the day’s pullback to 1.0661 before consolidating."