April 28, 2022 14:33 GMT
- 10Y yields have taken a leg higher today after holding a tight 5-day range between 10.20 & 10.323. The level also represented the 50% fib level of the 08-30 March range with price action now extending to the 61.8% fib, up +12.7bp on the day so far.
- CNH weakness, complimented with higher UST yields and PPI readings added upside pressure to yields today. Next key topside levels to consider come in at 10.40 & 10.50.
- USD/ZAR is also +1.22% higher on the day with price action drifting through the 16.00 handle supported by broad USD strength. Next intraday resistance seen at 16.07 & 16.1480.