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US 10 Year Yields Spike, USD Drives Panic Sentiment
Welcome to Mid-Week Trade!
The bond market is back in charge. U.S. 10-year Treasury yields have driven above 5%, and the dollar is bullish, with the USD Index rallying through 101.000. U.S. stocks are feeling the pressure as traders weigh rising yields against the bullish momentum we saw earlier in Week 39. For me, that 5% level remains one of the most important numbers on the board.
Crude oil has shown strength, with WTI rallying above $90.00 and Brent trading above $102.50. Energy is keeping things interesting, even as higher yields put pressure on other risk assets. Wednesday's key U.S. economic headline came from the mortgage market, where the MBA’s 30-year mortgage rate broke above 7%. Borrowing costs are firmly in focus, adding another piece to this week’s story: yields up, dollar up, and stocks under pressure. The question now is whether that theme carries through Thursday and Friday.
With the Trump-Xi meeting and key events still ahead, we should have plenty to follow as Week 39 wraps up. Keep an eye on yields, watch how the dollar responds, and let the price action develop.
Join us for the next Switch Markets livestream as we break down the charts, follow the headlines, and look for developing trade setups. As always, trade the action well!
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