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The U.S. Treasuries gained Friday as investors await the country’s first-quarter gross domestic product (GDP), scheduled to be released later in the day. Further, the slightly higher reading of the initial jobless claims, released late yesterday provided support to safe-haven instruments.
The yield on the benchmark 10-year Treasury, which moves inversely to its price, plunged 2 basis points to 2.23 percent, the super-long 30-year bond yields also slumped nearly 2 basis points to 2.90 percent and the yield on short-term 2-year note traded nearly 1-1/2 basis points lower at 1.28 percent by 11:00GMT.
In line with market expectations, OPEC and non-OPEC members decided at their meeting on Thursday, May 25 to extend for 9 months to March 2018 the output cut agreement of 1.8mn barrels per day. However, the lack of greater-than-expected oil production cuts and potential caps on Libya and Nigeria pushed oil prices lower.
In FX markets, GBP came under pressure after an opinion poll suggested that the lead of Prime Minister Theresa May’s Conservative Party against the major opposition Labour Party has narrowed. Looking at the day ahead, the focus is on the second estimate of US Q1 GDP growth.
Meanwhile, the S&P 500 Futures traded 0.10 percent lower at 2,411.25 by 11:10GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at -60.64 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
