Chart of the Day - Wednesday, October 30, 2024

Patrick Dunuwila
October 30, 2024

Chart of the Day


🏆 Today's Chart of the Day was shared by Matt Weller (@MWellerFX). 
 

  • The 10-year yield was making 52-week lows before the Fed cut rates in September. Since then, it has ripped to a three-month high of 4.30%
     
  • Crude Oil (pink) was moving with the 10-year yield until three weeks ago. It has relapsed toward multi-year lows, trading at $69 per barrel, down sharply from its October peak of $77. 
     
  • The US Dollar ($DXY) has also stopped confirming the 10-year yield's relentless advance. Over the past week, $DXY has finally stopped making new highs, while the 10-year has continued higher. 
     

The Takeaway: The 10-year yield has rallied to a three-month high of 4.3%. However, its followers (Crude Oil & the Dollar) have stopped validating its relentless advance. 

Filed Under: