The sell-off in US Treasuries and steepening of the curve that has been the focus of markets this week initially extended further after I posted yesterday morning, but has since retraced. The US 10y yield reached a high of 2.595% before moving back to 2.55%. The intraday sell-off reflected press reports that (unnamed) Chinese officials had made an internal recommendation to slow or reduce purchases of US Treasuries. The move fully retraced after a solid $20bn 10y auction, which stopped inside prevailing bid levels and saw the highest coverage ratio and indirect bidding interest since mid-2016. The strength of demand is unsurprising given yields were approaching last year’s highs, speculators are short 10yrs according to surveys and leading into the auction the 10y note had been trading tight in repo.

To mark my 1500th issue of Tradernoble Daily Commentary I am offering a special 2 year rate of Euro 2750 for my Platinum Service which includes 1 to 4 updated emails throughout the trading day This offer is open to both new and existing members and if anyone is interested in this offer can you please email me on for details.

For anyone following my Platinum Service it made 58 points yesterday and is now ahead by 55 points for the month of January, having made 946 points in December, 823 points in November and 657 points in October. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points.

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