U.S. Treasuries slide ahead of FOMC members Bullard, Dudley’s speeches

The U.S. Treasuries slid at the closing of the trading week Friday as investors remained cautious ahead of the Federal Open Market Committee (FOMC) members James Bullard and William C. Dudley’s scheduled speeches later in the day. However, markets have already digested the unexpected rise in the country’s initial jobless claims, released late yesterday.

The yield on the benchmark 10-year Treasury rose 1 basis point to 2.42 percent, the super-long 30-year bond climbed hovered around 3.02 percent and the yield on short-term 2-year note traded nearly 1-1/2 basis points higher at 1.26 percent by 12:00GMT.

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.

US initial jobless claims for unemployment insurance increased by 15k, to 258k, in the March survey week, well above consensus expectations of 240k. However, continuing claims fell by 39k to 2.0 million in the week ending March 11.  The seasonally adjusted insured unemployment rate moved lower to 1.4 percent from a downwardly revised 1.5 percent in the prior week.

Meanwhile, the S&P 500 Futures rose 0.12 percent to 2,342.50 by 12:10GMT, while at 12:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at -17.83 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex