US Treasury 10-year yields now down by more than 4 bps
10-year yields are now down by 4.4 bps to a low of 1.562% on the day as European yields also fall in tandem. 10-year bund yields are down to a session low of -0.693% as bonds continue to gain during the European morning.
The move here is putting a bit of pressure on yen pairs but so far the downside move is largely contained for the most part. USD/JPY is still hovering at the lows close to 106.30 as the pair gradually eases towards a test of the 100-hour moving average.
I've said it once and I'll say it again, pay attention to the move here as 30-year yields close in on 2.04%. I reckon a move back towards the 2% threshold will no doubt trigger more solid defensive flows/haven demand ahead of North American trading.
