U.S. Treasuries slump ahead of May non-farm payrolls, ISM manufacturing PMI

The U.S. Treasuries slumped Friday, as investors wait to watch the country’s non-farm payrolls and the unemployment rate for the month of May, scheduled to be released today by 12:30GMT respectively. Also, the ISM manufacturing PMI, due today at 14:00GMT will add further direction to the debt market.

The yield on the benchmark 10-year Treasuries jumped 6-1/2 basis points to 2.88 percent, the super-long 30-year bond yields surged 6 basis points to 3.04 percent and the yield on the short-term 2-year traded nearly 3 basis points higher at 2.44 percent by 11:10GMT.

In the US, the labor market report will be at everyone’s attention. Non-farm payrolls are expected to have increased by about 190k, the average rate of the past twelve months, while the unemployment rate is expected to remain unchanged at 3.9 percent, the lowest since 2000.

Following an increase of just 0.1 percent m/m in April, average hourly earnings are expected to increase by 0.2 percent m/m leaving the annual rate at 2.6 percent y/y. The May ISM manufacturing index, as well as April construction data, are also due. 

Meanwhile, the S&P 500 Futures rose 0.44 percent to 2,717.50 by 11:15GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained slightly bearish at -96.80 (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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