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EURUSD: Intraday Analysis & Pattern update

The dollar was within a hair’s breadth of the closely watched 150 yen level on Friday, buoyed by a surge in the U.S. 10-year Treasury yield which briefly reached 5% overnight for the first time since 2007.The benchmark 10-year yield, which was last at 4.9456%, has climbed more than 30 basis points (bps) this week, driven by rising expectations that the Federal Reserve is likely to keep interest rates higher for longer and by mounting U.S. fiscal concerns.

“The move up has been driven by the Fed leaving the market as a price insensitive buyer. Foreign demand has also waned. Combined with surprisingly large issuance from the deficit, it’s a classic supply and demand effect,” said Brian Jacobsen, chief economist at Annex Wealth Management.

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