US Treasury 10-year yields (%) daily chart
While major currencies and equities are not showing any appetite whatsoever, we are seeing the bond market move a fair bit so far on the day. 10-year yields in the US are now up 6 bps to 4.476% as bonds are being offered as we get into European morning trade.
In the bigger picture, after the slide down from 5%, this isn’t indicative of much. But keep in mind that the bounce in yields are coming after brushing against its 100-day moving average (red line) earlier this week.
I won’t want to jump to any conclusions just yet, in calling this a return of the selling in bonds. I’d much rather wait for flows to pick up again next week as thinner trading conditions could still be a reason for the move we’re seeing today.