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The U.S. Treasuries suffered during late afternoon session Monday ahead of today’s personal income and spending report for September that will confirm the monthly profile for consumer spending (which rose a robust 4.0 percent in Q3). Also, Federal Open Market Committee (FOMC) member Charles L. Evans is scheduled to deliver a speech today at 13:45 GMT which shall add further direction in the debt market.
The yield on the benchmark 10-year Treasuries rose 1-1/2 basis points to 3.093 percent, the super-long 30-year bond yields gained nearly 1 basis point to 3.323 percent and the yield on the short-term 2-year traded nearly 1-1/2 basis points higher at 2.822 percent by 11:00GMT.
The Conference Board’s consumer survey for October will be the main focus tomorrow, while the S&P/CoreLogic home price index for August will also be released that day. On Wednesday the Employment Cost Index for Q3 will be awaited keenly by the Fed and bond investors alike.
Further, the ADP report for October will cast some light ahead of release of the official employment report at the end of the week. On Thursday, the main focus will be the manufacturing ISM for October, with the final manufacturing PMI for October, construction spending data for September and the first estimates of labour productivity and unit labour costs for Q3 also released that day.
On Friday, a very busy week will end with most attention centred on the official employment report for October: according to Bloomberg, NFPs are currently expected to rise close to 195k, with the unemployment rate remaining unchanged and average hourly earnings rising 0.2 percent m/m and 3.2 percent y/y.
The full trade balance and factory orders reports for September will also be released on Friday, along with October auto sales. There are no Treasury bond auctions due but another heavy week for corporate reporting will see Q3 earnings revealed by about a quarter of the companies comprising the S&P500.
Meanwhile, the S&P 500 Futures traded 0.79 percent higher at 2,690.75 by 11:05GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at 35.44 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
