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US 10yr Yield is challenging the 4.50% level

BONDS
  • With futures seeing further downside momentum, Treasuries led.
  • For Bund in terms of Technical, next support is at 131.54, also today reference 131.88:2.512% = 131.07 (the 2024 high in Yield).
  • For Tnotes, with the 10yr testing 4.50%, printed a 4.5049% high so far, where future has found support.
  • Looking further out, some will look at 4.5116% next, the 27th November high, which will be close to today's printed low of 108.17+.
  • This is so far the single largest move in Tnotes since the 13th February, and in Yield term 4.60% would equate to 108.01+.

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