• 2-year yields down 13.9 bps to 3.295%
• 5-year yields down 12.9 bps to 3.468%
• 10-year yields down 10.8 bps to 3.375%
• 30-year yields down 5.9 bps to 3.373%

That’s a bit of a climb down as bond sellers book profit ahead of the Fed later in the day. There isn’t much else to comment on the action today as it all comes down to what Powell & co. has to offer later.

The dollar is also taking some off the top after its surging run in the past few days. From a technical perspective, there is little to note despite some of the moves being rather modest. GBP/USD is up 0.9% to 1.2100 while AUD/USD is up 1.0% to 0.6940 on the day but the former remains on edge amid a test of 1.2000 yesterday while the latter is still keeping below 0.7000, so sellers are still more favoured for now.

This article was written by Justin Low at www.forexlive.com.