United Overseas Bank: US 10-year Treasury yield may rise further

Odaily reports that Quek Ser Leang, a strategist at United Overseas Bank's Global Economics & Markets Research, stated that based on the weekly chart, the US 10-year Treasury yield could move higher. He noted that the 10-year yield surged 23.1 basis points last week, and "on the few previous occasions when the 10-year yield experienced such a significant weekly spike, yields moved higher thereafter." He added that last week's strong rally "was accompanied by yields breaking above the weekly downtrend line connecting the highs of 5.021% and 4.809%, which increases the likelihood of further upward momentum." (Jin Shi)