U.S. Treasuries surge ahead of 10-year auction, host of FOMC speeches

The U.S. Treasuries surged Wednesday ahead of the 10-year auction and a host of FOMC members’ speeches scheduled for later in the day. December’s consumer credit and the usual weekly mortgage application numbers are the only new releases in a quiet US economic diary today. The Treasury will sell 10-year Notes.

The yield on the benchmark 10-year Treasuries remained tad lower at 2.76 percent, the super-long 30-year bond yields also slid marginally to 3.03 percent and the yield on the short-term 2-year traded 1-1/2 basis points lower at 2.07 percent by 10:50GMT.

In the government bond market, the 10-yr US Treasury yield awaited the Treasury’s USD24 billion auction of 10-year government bonds later in the day, after yesterday’s eight-session low of 2.64 percent. Today’s calendar includes US consumer credit data for December, while European Commission publishes its updated Winter 2018 Economic Forecasts.

Meanwhile, the S&P 500 Futures traded 0.89 percent lower at 2,670.50 by 10:55GMT, while at 10:00GMT, the FxWirePro's Hourly Dollar Strength Index remained highly bullish at 141.46 (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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