The lower close in US 10yr yields left a momentum warning suggesting a period of consolidation. However, similar to price action in late May/early June, such a development would likely result in yet another march higher in yield. For the time being, it has given the USD uptrend a reason to pause. We are monitoring important USD resistance areas against the NZD, EUR, and GBP in particular. A break through any one of these levels would be a signal for renewed USD strength.
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Barclays