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US Ten-year treasury yield continues to trade sideways

FXStreet (Mumbai) - The US Ten-year treasury yield continues to trade in a three-week long trading range of 2.38% to 2.30%. For the day, the yields have eased slightly from the day’s high after a weaker-than-expected US data hit the wires.

The Ten-year yield traded at 2.322% at the time of writing, after having declined from the day’s high of 2.338%. The slight decline came after the Chicago Fed National Activity Index came-in at 0.14, against market expectation of 0.40. The data was followed by a weaker-than-expected Services PMI reading, which came-in at 56.3. Despite, the weaker-than-expected data, the stock markets in the US inched to fresh record highs supported by merger deals and expectation that China will implement monetary stimulus.

Moreover, the ten-year yields have been trading lackluster since the beginning of the current month. Not much activity is seen even on the days of a better-than-expected US data.

Ten-year yield Technical levels

The movement has been restricted to a range of 2.3%-2.38%. A break below 2.3% shall open doors for 2.27%. Meanwhile, the yield may rise to 2.45% if the resistance at 2.38% is breached.

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