U.S. Treasuries climb on worsening investors’ sentiments as Trump triggers trade worries; FOMC members’ speeches in focus

The U.S. Treasuries climbed Friday as investors’ sentiments deteriorated amid fears of a trade war, ignited by Trump’s trade tariff decision. Also, investors are awaiting a host of FOMC members’ speeches – members Bostic, Kashkari and Rosengren are scheduled to deliver their speeches today by 12:10GMT, 14:30GMT and 23:00GMT respectively.

The yield on the benchmark 10-year Treasuries slipped nearly 1 basis point to 2.82 percent, the super-long 30-year bond yields hovered around 3.07 percent and the yield on the short-term 2-year traded 1/2 basis point lower at 2.28 percent by 11:20GMT.

Later today, preliminary durable goods orders data for February and new home sales figures for the same month are due. These should look positive. As noted by Daiwa America’s Chief Economist Mike Moran, indicators related to the manufacturing sector in February (e.g. the ISM, factory employment, industrial production) have been uniformly robust and this should be reflected in the durable goods order figures.

In addition, new home sales should rebound following sharp declines around the turn of the year, Daiwa Capital Markets reported.

Meanwhile, the S&P 500 Futures slipped 0.21 percent to 2,638.25 by 11:25GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained highly bearish at -126.13 (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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