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After weeks of turmoil bond yields are retreating today, providing a boost to equity market.
- US 10 year yield has hit 2.20% after touching a high of 2.36% on Tuesday, as the week is coming to close. UK 10 year have moved back below 2%, currently hovering around 1.95%. German bund, which started the rout. German 10 year yield is down around 0.66% after trading as high as 0.75%.
It is too early to say further selloff probability has diminished, however undoubtedly bearish sentiment in bond is abating for now.
Yesterday's European inflation report for April, followed by comments from European Central bank chief Mario Draghi affirming continuation of purchase to the end might have done the trick.
Dollar has gained as longer end yields on other currencies have eased.
What to focus now on?
- Yield divergence and economic dockets - Dollar might be pushed further down, should economic dockets continue to diverge across Atlantic. Weakening US economy would reduce monetary policy expectation gap.
- Inflation expectation - Inflation expectations once again might provide push to longer end yields should it keep rising.
