Action from overnight: dollar little moved by Yellen - ANZ

Analysts at ANZ explained the action from overnight.

Key Quotes:

"The S&P 500 recovered Friday’s losses, rising 0.6% at the time of writing, as equities found modest support from a more favourable-looking interest rate outlook and firmer oil prices. The US dollar was little changed during London trading, and largely unchanged on Yellen comments ahead of the RBA and RBNZ meetings this week."

"Fixed income markets were a little weaker, with US 10-year Treasury yields up 2bps to 1.72%, although this only partially reverses Friday night moves. Oil prices rose as Abu Dhabi indicated that the supply glut may recede faster than expected (Brent +1.5% to $50.40/bbl), while gold was little changed."