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US Ten-year yield under pressure

FXStreet (Mumbai) - The ten-year bond prices rose yesterday, pushing the yields lower on a back-to-back disappointing economic data out of the Germany and the US.

The ten-year yield finished lower at 2.243% yesterday, after having hit a high of 2.298%. The closely watched German Ifo Institute’s survey’s lead indicator, missed market expectations, while the Pending home sales and the services PMI data in the US indicated a slowdown in the activity. The fall may be extended today if the Durable goods orders for September miss the forecast of 0.5% growth.

Moreover, the yields are also under pressure as the market expects the Federal Reserve (Fed) to maintain the dovish language tomorrow with regards to the timing of an interest rate hike.

Ten-year yield Technical levels

The yield has an immediate resistance at 2.3%, above which it can rise to 2.325%. On the flip side, the yield can fall to 2.17% if the immediate support of 2.2% is breached.

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