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Although it’s not as apparent as it was last week, the flight-to-safety continues to dominate the markets following the long weekend. The strong demand for safer U.S. Treasury bonds today continued to drive their prices higher and dragged the yields lower with the 10-year reference slumping to its worst level since September of 2017 at 2.275%. Similarly, Germany’s 10-year bond yield is was last seen losing more than 5% on a daily basis  on its way to its lowest level since August 2016.  

Reflecting the sour market sentiment, major equity indexes in the U.S., which started the day in the positive territory, turned south with the Dow Jones Industrial Average and the S&P 500 turning flat on the day.