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The U.S. 10-year Treasury yields hit 3-week high Friday as investors moved away from safe-haven instruments on higher risk appetite in crude oil and equities. Also, markets remain keen to watch the U.S. President-elect Donald’s Trump’s Inauguration Ceremony later in the day, for further direction in the debt market.
The yield on the benchmark 10-year Treasury jumped 4-1/25 basis points to 2.50 percent, the super-long 30-year bond yield also bounced nearly 4 basis points to 3.07 percent and the yield on short-term 2-year note moved nearly 1-1/2 basis points higher to 1.24 percent by 12:10 GMT.
Further, the yields on the 1-year government bonds are seen to approach the 3 percent mark, in line with our previous forecast, where we maintained that yields will likely breach the 3 percent barrier in 2017.
In addition, investors will remain focussed on a wide array of speeches by the Fed Chair Janet Yellen and FOMC member Harker post the Inauguration ceremony later today. However, President-elect trump’s speech will prominently dominate market movements.
U.S. initial jobless claims, released Thursday, continued to stay low in the beginning of 2017. For the week ending 7 January, initial jobless claims rose from the prior week’s very low level to 247,000, consistent with consensus expectations of 255,000. The four-week moving average dropped to 257,000.
Lastly, market participants remain awaited on a host of other key economic events,s scheduled for next week, including Q4 gross domestic product.
Meanwhile, the S&P 500 Futures traded 3.00 points or 0.13 percent higher at 2,264.50 by 12:10GMT, while at 12:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at 37.09 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
