The U.S. Treasuries saw downward pressure on Wednesday following stronger than expected preliminary third-quarter gross domestic product (GDP) data released Wednesday.
The yield on the benchmark 10-year Treasury note rose 2-1/2 basis points to 2.32 percent, the yield on long-term 30-year Treasury inched 2 basis points to 2.97 percent and the yield on short-term 2-year note also bounced 2 basis point to 1.11 percent by 12:00 GMT.
The preliminary third-quarter GDP reading increased 3.2 percent, above market expectations for a 3.1 percent result, as compared to the 1.4 percent reading seen in the second quarter of 2016. Additionally, the country’s exports increased 10.1 percent in the third-quarter of 2016, alongside a 2.1 percent increase from imports.
Markets now look ahead to a greater flow of data on Wednesday, highlighted by the ADP employment estimate, personal income/spending, Chicago PMI, pending home sales and Fed Beige Book releases.
Moreover, crude oil prices rallied amid news that oil producing countries will lower its current production in OPEC ministerial gathering at Vienna today.
According to Reuters' source, the OPEC debate now focuses on an output reduction of 1.4 million barrel per day, larger than expected. A source said that non-OPEC might contribute 0.6 million barrel per day, of which 0.4 million from Russia.
The International benchmark Brent futures rose 7.59 percent to $50.91 and West Texas Intermediate (WTI) jumped 7.89 percent to $48.80 by 12:40 GMT.
Meanwhile, the S&P 500 Futures traded 5.75 points higher to 2,210 by 12:40 GMT. While at 12:00 GMT, the FxWirePro's Hourly Dollar Strength Index stood neutral at +25.75 (higher than +75 represents bullish trend).
