Eoin Treacy's view I last reviewed government bond yields on December 17th . and since then there has been a considerable degree of variability in returns.

US 10-year yields bounced this week from the 1.8% level which represents the upper side of the underlying range. A sustained move below that area would be required to question medium-term scope for additional higher to lateral ranging.

German 10-year yields have rallied to test the region of the 200-day MA but will need to sustain a move above 1.7% to confirm a return to medium-term supply dominance.

Japanese 10-year yields have fallen back sharply from the region of the 200-day MA and a sustained move above that level will be required to question medium-term demand dominance.

Swiss 10-year yields have continued to rally over the last month but are somewhat overextended in the short-term. The rate will need to hold above the 0.58% area if the benefit of the doubt is to be given the medium-term supply dominance.

UK Gilts yields broke emphatically out of their three-month range at the beginning of January and a sustained move below 1.9% would be required to check potential for additional yield expansion.

Australian 10-year yields have held a progression of higher reaction lows since June and a sustained move below 3.25% would be required to begin to question medium-term supply dominance.