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The U.S. Treasury yields rallied Tuesday after concerns over Turkey’s political deadlock eased to some extent, after the Central Bank of Turkey (CBRT) intervened yesterday, in an attempt to control the free fall of the Turkish lira as investors turned risk averse.
The yield on the benchmark 10-year Treasuries jumped 2 basis points to 2.89 percent, the super-long 30-year bond yields climbed 1-1/2 basis points to 3.05 percent and the yield on the short-term 2-year surged 2 basis points to 2.63 percent by 10:30GMT.
Global equity indices advanced on Tuesday, the US dollar retreated from its highest level in about 14 months while the U.S. Treasury yields edged higher, as the Turkish Lira was broadly stable overnight, though Chinese shares traded lower following softer-than-expected Chinese macroeconomic data, Eurobank Economic Analysis & Financial Markets Research reported.
In FX markets, the common currency made up some losses following a degree of calm in Turkish markets, though the EUR/USD was trading around 1.1412 in European trade at the time of writing, within distance from a 13-month low of 1.1365 hit on Monday.
Meanwhile, the S&P 500 Futures remained 0.42 percent higher at 2,837.25 by 10:35GMT, and at 10:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at 32.51 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
