U.S. Treasuries slump ahead of July retail sales, FOMC meeting minutes

The U.S. Treasuries traded lower as investors wait to watch the country’s core retail sales, for the month of July, scheduled to be released on August 15 by 12:30GMT.

The yield on the benchmark 10-year Treasury, jumped 3-1/2 basis points to 2.22 percent, the super-long 30-year bond yields surged nearly 2-1/2 basis points to 2.81 percent and the yield on short-term 2-year note traded 1-1/2 basis points higher at 1.31 percent by 11:50GMT.

In the US, the most noteworthy data releases this week will be July’s retail sales and IP figures on Tuesday and Thursday respectively. These are expected to show that retail sales more than reversed the 0.2 percent m/m decline in June, while IP is forecast to have risen for the sixth consecutive month. Tomorrow will also bring the Empire Manufacturing index for August, business inventories figures for June and import and export price indices for July.

The NAHB housing market index is also due that day, followed by housing starts numbers on Wednesday. The FOMC will also publish minutes from its late-July policy setting meeting on Wednesday. Thursday will see the usual weekly jobless claims figures released alongside the Conference Board’s leading index for July and Philly Fed index for August. Finally, on Friday, the preliminary University of Michigan’s consumer sentiment survey will be published.

Meanwhile, the S&P 500 Futures traded 0.53 percent higher at 2,453.00 by 12:00GMT and the FxWirePro's Hourly Dollar Strength Index remained slightly bullish at 75.17 (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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