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The U.S. Treasuries plummeted Tuesday in a relatively quiet trading day that brings only the NFIB small business confidence survey and the JOLTS job openings. A host of FOMC members’ speeches is scheduled through the week. Also, investors will be eyeing the 10-year note auctions scheduled to be held on January 10 for further insight into the bond market.
Elsewhere, Boston Fed President Eric Rosengren will speak at the Brooking Institution and Minneapolis Fed President Neel Kashkari on a panel in Minnesota.
The yield on the benchmark 10-year Treasuries rose 1-1/2 basis points to 2.49 percent, the super-long 30-year bond yields jumped 2 basis points to 2.83 percent and the yield on the short-term 2-year traded nearly flat at 1.95 percent by 11:25GMT.
In the US, the most important data releases are out on Friday, when December CPI and retail sales figures are due. CPI and core CPI are both expected to rise 0.2 percent m/m. If so, the annual pace of CPI inflation would inch back down slightly having risen to 2.2 percent y/y in November while the annual core rate would remain at 1.7 percent y/y.
In addition, expectations for retail sales growth are 0.4 percent m/m, half the pace seen in the previous month. Ahead of the CPI release, we will receive more price indicators – the import price index for the same month is due on Wednesday, while PPI data are due on Thursday. Among other figures worth watching are the NFIB small business sentiment survey, JOLTS job openings today, wholesale trade (Wednesday), Federal budget (Thursday) and business inventories (Friday).
Lastly, a number of the FOMC members are scheduled to make public appearances in the coming week, including Dudley, Williams, Evans, and Kashkari.
Meanwhile, the S&P 500 Futures traded 0.05 percent higher at 2,748.25 by 11:30GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at 24.28 (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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