There's nothing standing in the way of US 10-year yields rising to 2% as we blast through resistance today.
Earlier, the rise provided a strong kick of support for the US dollar but it's leveled out. Some of that is risk aversion weighing on USD/JPY and the commodity currencies are benefiting from higher oil.
It's the euro and pound that are struggling on the day but keep a close eye on bund yields. They're up 1.3 bps today to -0.01% and a rise above zero is likely to kick off some buying in the euro. Bund yields have been sub-zero since 2019.
