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US Ten-year Treasury yield hovers near a one-month low

FXStreet (Mumbai) - The ten-year treasury yield in the US is hovering around the one-month low of 2.32% as the markets price-in the disappointing growth outlook given by the International Monetary Fund (IMF).

The ten year yield has recovered slightly to trade at 2.36 at the time of writing, from the day’s low of 2.332. The yields had hit a low of 2.322% on 28th August, 2014. The fall in the yields is surprising to many since the US Dollar Index has strengthened post a stellar jobs report on last Friday.

Brown Brothers Harriman, in its daily note to clients, says, “there has been strong demand for US Treasuries from both domestic and foreign sources.” The note also cites the weakening of the world growth outlook as one of the major factors responsible for the recent slump in the treasury yields.

The ten-year yield may break 2.32% later today, if the US Federal Reserve (Fed) minutes squash the early rate hike expectations.

Ten-year yield technical level

The ten-year yield has a strong support at 2.32 and 2.30 (low of 15th August, 2014), while the resistance is located at 2.38.

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