As the Chair Powell testimony continues, the US 10 year yield moved down to test a floor level going back to February (see hourly chart above). That floor comes near 3.90%. The low today reached 3.899%.
The yield has moved higher and trades back at 3.952%. The 200 hour MA at 3.964% and the 100 hour MA at 3.984% are the next targets. Move above and the bias shifts more to the upside for US yields.
At 1 PM the US treasury will auction off $32 billion of 10 year notes. Makes you wonder if the move back to the upside in yields is in reaction to the order book being lighter than expectations?
PS the 2 year yield is back comfortably above the 5% level at 5.0532%. That is up 4.2 basis points on the day. The low for the day reached 4.973%.