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The U.S. Treasuries remained flat during late afternoon session Monday amid a silent trading day that witnessed data of little economic significance. However, a host of Federal Open Market Committee’s (FOMC) members speeches throughout this week shall provide further direction to the debt market. Also, the country’s 2-year bond auction, scheduled to be held on October 23 by 17:00GMT is closely watched out for.
The yield on the benchmark 10-year Treasuries remained tad higher at 3.205 percent, the super-long 30-year bond yields flat at 3.385 percent and the yield on the short-term 2-year also traded steady at 2.912 percent by 11:20GMT.
It is set to be a low-key start to the week, with just the Chicago Fed national activity indices due today and the Richmond Fed’s manufacturing survey due tomorrow, followed a day later by the little-followed flash Markit PMI readings for October, new home sales for September and the Fed’s Beige Book. On Thursday, however, the focus will be on the advance September readings for durables goods orders/shipments, the goods trade balance and wholesale inventories.
There will also be some interest in the pending home sales report for September. Most notably, the week concludes on Friday with the advance GDP report for Q3, with the Bloomberg consensus suggesting a slowdown to a little over 3 percent q/q ann. from 4.2 percent q/q in Q2. The final results of the University of Michigan consumer survey for October will also be released that day, Daiwa Capital Markets reported.
In the bond market, the Treasury will auction 2-year notes tomorrow, 2-year FRNs and 5-year notes on Wednesday, followed by 7-year notes on Thursday. A very heavy week for corporate reporting will see Q3 earnings revealed by close to a third of S&P500 firms.
Meanwhile, the S&P 500 Futures traded 0.37 percent higher at 2,777.50 by 11:30GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained slightly bullish at 75.40 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
