U.S. Treasuries recover post Trumpcare failure, investors eye Fed Chair Yellen’s speech

The U.S. Treasuries recovered Monday as investors poured into safe-haven instruments, following a slight global rout as concerns mounted over the United States President Donald Trump's inability to overhaul the US healthcare system. Also, investors wait to watch the Federal Reserve Chair Janet Yellen’s speech, scheduled to be held on March 28.

The yield on the benchmark 10-year Treasury plunged 4 basis points to 2.36 percent, the super-long 30-year bond slumped nearly 3 basis points to 2.97 percent and the yield on short-term 2-year note traded nearly 1-1/2 basis points lower at 2.97 percent by 11:30GMT.

Market uncertainties over the United States President Donald Trump administration’s fiscal stimulus plan prevails as no details have been released so far with investors waiting for a detailed budget plan in mid-May.

Investors unwound carry trades while watching to see whether President Trump can push through a healthcare bill, as failure could signal problems to come pursuing his economic agenda. Financial markets' immediate focus is on whether Trump can gather enough support at a vote later in the day to rollback Obamacare, one of his key campaign pledges.

Meanwhile, the S&P 500 Futures fell 0.80 percent or 18.75 points to 2,326.00 by 11:40GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at -4.82 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex