The inability to hold above the June 1 low and the break under the trendline drawn off of the October 2006 and January 2007 lows indicates additional bearish potential.
A wild night of trade in the currency markets as the US dollar was bid across the board after US 10-year yields rose to 5.24%, their highest value since July 2006.
US stocks dropped for the third day in a row, adding pressure on carry trades. Interestingly enough, the US dollar rebounded strongly today as 10-year yields shot to a 10-month high above 5 percent.
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