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Morning Briefing US yields have touched new highs as unemployment data in the US exceeded expectations and built on the positive sentiment created by yesterday’s Beige Book release by the Fed. As investors move from US debt to US equities, the 10 Year (2.6311%) has shot up past resistance on the short term chart near 2.61% much earlier than expected. Similarly, US 5 Yr (2.4231%) , US 2 Yr (2.0475%) & US 30 Yr (2.9089%) are all up. With such a rise in yields, we could however expect some inflow into US debt next week, leading to consolidation near current levels before the next rise.
The rise in yields have provided some pause to yield curve flattening with yield differentials between US 10 Yr – 5 Yr (0.208%) & US 30Yr – 10Yr (0.278%) rising and indicating that respective supports near 0.19% and 0.24-0.25% will hold for the time being.
Japanese 10 Yr yield (0.084%) is continuing its ranging between 0.07% and 0.088% on short term charts while the 5 Yr (-0.08%) and 30 Yr (0.83%) show some potential for further rise towards resistances at -0.1% and 0.85% respectively on the long term charts.
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