{"id":438761,"date":"2026-09-24T20:40:09","date_gmt":"2026-09-24T13:40:09","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/morning-kickstart-dollar-rises-as-global-bond-yields-pressure-stocks-ahead-of-trump-xi-talks-438761\/"},"modified":"2026-09-24T20:40:09","modified_gmt":"2026-09-24T13:40:09","slug":"morning-kickstart-dollar-rises-as-global-bond-yields-pressure-stocks-ahead-of-trump-xi-talks","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/morning-kickstart-dollar-rises-as-global-bond-yields-pressure-stocks-ahead-of-trump-xi-talks-438761\/","title":{"rendered":"Morning Kickstart: Dollar rises as global bond yields pressure stocks ahead of Trump\u2013Xi talks"},"content":{"rendered":"<div>\n<p dir=\"auto\" class=\"PDq2pG_selectionAnchorContainer\">The bond market remains a central story for traders this morning. The U.S. 10-year yield is at 5.1226%, near its highest level since 2007, while the 30-year yield has moved higher as well. Yesterday\u2019s strong U.S. business activity data added to concerns that the Fed may need to do more to contain inflation. Oil is also rebounding, keeping the potential effect of energy costs on inflation in view. <\/p>\n<p dir=\"auto\">That combination is weighing on stocks ahead of the U.S. opening. At 7:35 a.m. ET, futures were indicating:<\/p>\n<ul>\n<li>\nDow industrial average: \u2212178 points<\/li>\n<li>\nS&amp;P 500: \u221238 points<\/li>\n<li>\nNasdaq: \u2212274 points<\/li>\n<\/ul>\n<p dir=\"auto\">The dollar is higher against all seven major currencies in the supplied FX snapshot. The largest move is against the Japanese yen, with USDJPY up 0.28% to 158.74. The dollar is up 0.23% against the Swiss franc and 0.09% against the Canadian dollar. EURUSD is down 0.04% to 1.1375, the smallest dollar move in the group. GBPUSD is down 0.07% to 1.3228, AUDUSD is down 0.11% to 0.7028, and NZDUSD is down 0.07% to 0.5669.<\/p>\n<p dir=\"auto\">For traders, the currency map is straightforward: the dollar has the stronger hand across the board, but the moves are uneven. USDJPY has shown more momentum than EURUSD. That distinction matters when we turn to the charts: a broad dollar bid does not mean every pair has broken a technical level or has the same room to extend.<\/p>\n<p dir=\"auto\">Yields and other markets<\/p>\n<p dir=\"auto\">The Treasury curve is giving a mixed signal this morning. Shorter yields in the snapshot are lower on the day, while the 10- and 30-year yields are higher:<\/p>\n<ul>\n<li>2-year: 4.8661%, \u22122.89 basis points<\/li>\n<li>5-year: 4.9928%, \u22121.22 basis points<\/li>\n<li>10-year: 5.1226%, +0.86 basis points<\/li>\n<li>30-year: 5.4318%, +2.98 basis points<\/li>\n<\/ul>\n<p dir=\"auto\">The rise in longer yields reaches well beyond the U.S. Japan\u2019s 10-year yield is around 3.08%, its highest since 1996. Germany\u2019s is near 3.57%, its highest since 2009, while UK and French yields are near multi-year highs. For stocks, higher long-term yields raise the discount rate applied to future earnings and can make borrowing more expensive. <\/p>\n<p dir=\"auto\">European stocks are mixed:<\/p>\n<ul>\n<li>\nGermany\u2019s DAX: \u22120.30%<\/li>\n<li>\nFrance\u2019s CAC 40: \u22120.25%<\/li>\n<li>\nUK\u2019s FTSE 100: +0.08%<\/li>\n<li>\nSpain\u2019s IBEX 35: +0.33%<\/li>\n<li>\nItaly\u2019s FTSE MIB: \u22120.34%<\/li>\n<\/ul>\n<p dir=\"auto\">WTI crude is up 1.26% to $93.32,. Gold is lower by about $24 to $4,263, silver is down 1.34% to $63.58, and Bitcoin is down 1.08% to $83,472. The simultaneous rise in oil and longer yields, alongside lower stocks and precious metals, is worth watching as the North American session develops.<\/p>\n<p dir=\"auto\">News and the North American calendar<\/p>\n<p dir=\"auto\">The Swiss National Bank left its policy rate unchanged at 0% this morning. It said higher energy prices have lifted near-term inflation, but that medium-term inflation pressure has increased only slightly. The bank also maintained its willingness to be active in the foreign exchange market if necessary. <\/p>\n<p dir=\"auto\">Presidents Donald Trump and Xi Jinping are due to meet today. The extension of the U.S.\u2013China trade truce and any comments on trade or the Middle East could move markets, but traders will need to judge the actual announcements rather than assume a breakthrough ahead of the meeting. <\/p>\n<p dir=\"auto\">The scheduled U.S. events, with times converted to ET, include: <\/p>\n<ul>\n<li>8:00 a.m.: Richmond Fed President Thomas Barkin speaks.\n<\/li>\n<li>8:30 a.m.: Initial jobless claims are expected at 201,000, versus 196,000 previously. Continuing claims are expected at 1.750 million, versus 1.730 million previously.\n<\/li>\n<li>8:30 a.m.: The second-quarter current-account deficit is expected at $255 billion, versus $226.8 billion previously.\n<\/li>\n<li>8:50 a.m.: Cleveland Fed President Beth Hammack speaks.\n<\/li>\n<li>10:00 a.m.: August new-home sales are expected at an annualized 620,000, versus 607,000 previously.\n<\/li>\n<li>10:10 a.m.: Philadelphia Fed President Anna Paulson speaks.\n<\/li>\n<li>1:00 p.m.: The Treasury auctions 7-year notes.\n<\/li>\n<\/ul>\n<p dir=\"auto\">Jobless claims will be the first scheduled test of the morning\u2019s rate story. A weaker labor reading could challenge the recent move in yields; another firm reading could reinforce the view that the Fed has room to remain restrictive. The reaction in yields, the dollar and stocks will tell us how traders interpret the number.<\/p>\n<p dir=\"auto\">In the morning video above, I take a look at the three major currency pairs\u2014EURUSD, USDJPY and GBPUSD\u2014from a technical perspective. For each pair, I outline the bias, the risk-defining levels and the targets that would give either the buyers or sellers more control<\/p>\n<p>                            This article was written by Greg Michalowski at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The bond market remains a central story for traders this morning. The U.S. 10-year yield is at 5.1226%, near its highest level since 2007, while the 30-year yield has moved higher as&hellip;<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-438761","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/438761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=438761"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/438761\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=438761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=438761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=438761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}