The 10-year yield fell 17 basis points on 22 October. Did EUR/USD follow it for you?

The Treasury's daily par yield curve shows the 10-year yield falling from 5.13% on 21 October to 4.96% on 22 October, a move of 17 basis points in a day. It was the largest one-day move in the Treasury data from 5 to 22 October, and the first close below 5% since 22 September (yields report).

The data do not give a reason. Yields can fall because expectations change for inflation, policy or growth, and a daily table cannot separate those. The euro-dollar ECB reference rate was 1.1205 on the same day, down from 1.1234 the day before.

We would like to hear how you check a move like this:

• Do you test whether EUR/USD or USD/JPY followed the yield, and over how many sessions?
• Would you act on a one-day yield move that the news does not explain?
• Which yield do you watch first, the 2-year or the 10-year, when the two diverge?
• Have you ever traded a yield move that turned out to be a technical reaction rather than news?

Bond yields and exchange rates covers the basic link, and how the 10-year yield moves forex goes into the mechanism.

Please share your own approach and reasoning, not calls for others to copy. Posts that promise a direction or sell signals will be removed.