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The U.S. Treasuries slid Monday as investors have largely digested the impasse of the government shutdown that extended into its third day and this is only deemed to be a temporary phenomenon with no major impact on the financial markets.
The yield on the benchmark 10-year Treasuries rose 1 basis point to 2.65 percent, the super-long 30-year bond yields also surged a tad over basis point to 2.92 percent and the yield on the short-term 2-year traded nearly 1 basis point higher at 2.06 percent by 12:05GMT.
In the US, while investors will keep an eye on Senate attempts to bring an end to the government shutdown, the key day of the coming week data-wise will be Friday, which will bring the release of the advance estimate of Q4 GDP – likely to see growth come in close to the solid 3.2 percent q/q annualised pace in Q3 (the current forecast of out US chief economist Mike Moran is 2.8 percent q/q ann.) – and durable goods orders for December. Earlier in the week, December existing home sales and January’s flash Markit PMI will be released on Wednesday.
Advance goods trade and inventory reports – which will feed into the GDP figure – are due on Thursday, together with December new home sales and the Conference Board’s leading index for the same month. Aside from economic data, the Q4 corporate reporting season will gather pace. There are no Fed speeches scheduled with the Fed now in the blackout period ahead of the January 31 FOMC meeting. In the bond market, the Treasury will auction 2-year notes tomorrow, 2-year FRNs and 5-year notes on Wednesday and 7Yyear notes on Thursday.
Meanwhile, the S&P 500 Futures traded 0.08 percent lower at 2,808.75 by 12:10GMT, while at 12:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at -45.39 (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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