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10-year Treasury yields are down round 3 bps to 4.097% on the day as yields are protecting decrease forward of European buying and selling. The week has been exemplified by a push and pull temper with the excessive having touched 4.192% and the low being 4.075% on Monday. As you possibly can see, we’re a lot nearer to the latter now.
US Treasury 10-year yields (%) each day chart
From the chart above, it looks like bond sellers are struggling to take issues to the subsequent stage this week. A break above the 200-day shifting common (blue line) was encouraging however there’s a lack of observe by means of. And that’s bringing us again to the important thing stage now, seen at 4.102% as we speak.
Maintain above and the break larger in yields will keep supported considerably. Nevertheless, break again under and that would see the correction to start out the yr maybe run out of steam.
What occurs right here may even have implications for broader markets, particularly the greenback. The dollar has been moderately resilient as of late however can be buying and selling moderately choppily this week. If something, that may be a reflection to the push and pull temper in 10-year Treasury yields.
As such, the technical problem above for the bond market can be one which greenback merchants need to be aware about in the interim.
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