The U.S. Treasuries climbed Wednesday ahead of the country’s ADP non-farm employment change for the month of February and FOMC member Dudley’s speech, scheduled for today at 13:15GMT and 13:20GMT respectively.
The yield on the benchmark 10-year Treasuries slumped 2 basis points to 2.85 percent, the super-long 30-year bond yields slid nearly 1/2 basis point to 3.13 percent and the yield on the short-term 2-year fell nearly 1 basis point to 2.23 percent by 11:10GMT.
During regular market hours, it was a fairly ho-hum day on Wall Street on Tuesday, with the market receiving no direction from economic data or significant headlines regarding President Trump’s tariff proposal.
Eventually, the S&P500 closed up 0.3 percent as the previous day’s positive sentiment prevailed. The mood changed sharply after the physical markets closed, however, after Gary Cohn – President Trump’s Chief Economic Advisor and a critic of the President’s tariff proposal – announced his resignation.
Not surprisingly, the market took this as a clear sign that President Trump intends to proceed headlong with implementing tariffs regardless of local and international criticism.
Meanwhile, the S&P 500 Futures slumped 1.04 percent to 2,695.75 by 11:10GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained highly bearish at -117.69 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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