Currency markets showed some cautious optimism after global authorities moved to stem contagion from a simmering banking crisis, with the safe haven dollar on the back foot and the yen tumbling amid a rebound in Treasury yields.
The currency market's "initial response has been a 'risk positive' one," Ray Attrill, head of foreign-exchange strategy at National Australia Bank wrote in a note to clients, pointing to the yen's slide and Aussie's rebound in particular.
The Australian dollar climbed 0.3% to $0.6721, and earlier touched $0.6743 for the first time since March 7. That said, money markets are now positioned for a peak in rates in May at around 4.79%, and then 72 basis points of declines until the end of the year.
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