Retraces most of the declines
The 10 yield is back positive on the day trading near 1.58%. That comes after trading as low as 1.464% on the initial reaction after the nonfarm payroll report. Since then, the yield has push back higher and is nearly back to the high yield for the day at 1.582%.
Technically, the 50% of the move down from the April high comes in at 1.585%. The following 100 hour moving average comes in a 1.589%. The yield last traded above its 100 hour moving average on May 3.
The move back higher in yields has helped to dampen the NASDAQ enthusiasm. The index is now trading at 13741.10. That still up 108 points or 0.79%, but well off the intraday high of 13828.62.
This article was originally published by Forexlive.com. Read the original article here.