U.S. Treasuries plunge in silent session as investors await host of FOMC members’ speeches

The U.S. Treasuries plunged during Friday’s afternoon session, amid a muted trading session that witnessed data of little economic significance. However, the country’s existing home sales data for the month of May and speeches by members of the Federal Open Market Committee (FOMC) – Brainard, Mester and Daly, all due later in the day may provide further assistance in the debt market.

The yield on the benchmark 10-year Treasury yield jumped nearly 4 basis points to 2.038 percent, the super-long 30-year bond yields surged nearly 2 basis points to 2.544 percent while the yield on the short-term 2-year struck nearly 6 basis points higher to 1.786 percent by 11:15GMT.

While the S&P500 ended yesterday up just shy of 1.0 percent at a new closing high, the positive mood was upset by reports in the NY Times that Donald Trump had approved military strikes against Iran before eventually pulling back, Daiwa Capital Markets reported.

In FX markets, the USD continued to face selling pressure today as the more dovish tone the Fed adopted at this week’s meeting, reinforced market expectations for lower interest rates in the coming months, Eurobank Economic Analysis & Financial Markets Research reported..

Meanwhile, the S&P 500 Futures traded tad -0.16 percent lower at 2,954.62 by 11:20GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained highly bearish at -103.06 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex