Long-End US Yields Hit Multi-Year Highs as Oil Swings on Iran Headlines
US long-dated yields rose to multi-annual highs while crude oil prices whipsawed between $88 and $90 on conflicting geopolitical signals regarding Iran.
The very long end of the US yield curve recently touched multi-annual highs, underscoring the ongoing bear steepening in Treasuries. The move added pressure across asset classes.
Crude oil prices traded erratically yesterday, swinging between $88 and $90 per barrel. The session was dominated by an Iranian headline roulette, with conflicting messages keeping traders on edge.
An initial spike higher came after the US raised its compensation demands from Iran, stoking supply-disruption fears. That move was quickly unwound, however, when comments from Pakistan’s defense minister triggered a sharp pullback, leaving Brent ultimately unchanged.
Source: FXStreet Forex News