Duration of a single market narrative seems to get shorter by the day, which makes this market increasingly less predictable. The market was surprised by the lack of response in the 10yr bond yield when US revealed stellar retail data, then it appears that 10yr yields were left for dead , falling to 1.56pc . This evening the DXY fell close to 91 . Then in all suddenness the 10yr yield jumped again above 1.60pc very quickly adversely affecting Gold's momentum, while DXY stayed low.
Markets are overdue for a pullback but won't be surprised either that its resilience would ensure that it could continue to be bid up after it goes slightly lower, pretty much like with the cryptos. Stunning to see Dogecoin getting back up to 40c.
