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The U.S. Treasuries climbed during late afternoon session Tuesday as investors sought safe-haven investments amid growing worries over a global economic slowdown as equities turned red towards the end of this year ahead of the Fed’s final conclusion on interest rates this year, due tomorrow.
The yield on the benchmark 10-year Treasuries slumped nearly 3 basis points to 2.830 percent, the super-long 30-year bond yields also plunged 3 basis points to 3.086 percent and the yield on the short-term 2-year too remained nearly 3 basis points lower at 2.673 percent by 11:10GMT.
In the US, the housing market appears to remain the main source of weakness with yesterday’s NAHB Housing Market Index having showed a further deterioration in the business sentiment in this sector, with the headline survey indicator having fallen to the lowest level since mid-2015, Daiwa Capital Markets reported.
Taking their lead from Wall Street’s hefty losses overnight, European bourses opened lower earlier today on mounting concerns about the global growth outlook. In FX markets, the USD remained under pressure for the second session in a row on the view that mounting global growth concerns may prompt the Fed to take a pause in its monetary tightening cycle earlier than previously expected, Eurobank Economic Analysis & Financial Markets Research reported.
After the Fed, on Thursday, the Philadelphia Fed will publish its manufacturing survey for December, while the Conference Board’s leading indicator for November will also be released.
On Friday markets will receive the ‘final’ estimate of GDP growth for Q3. More importantly, developments in activity during Q4 will become clearer with the release of the personal income and spending and advance durable goods orders reports for November, the report added.
Meanwhile, the S&P 500 Futures remained 0.04 percent higher at 2,606.62 by 11:20GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at -69.08 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
