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The U.S. 10-year Treasury yields plunged during Monday’s afternoon session, ahead of the country’s ISM manufacturing PMI for the month of May, scheduled to be released today by 14:00GMT, coupled with speeches from members of the Federal Open Market Committee (FOMC) – Quarles, Barkin and Bullard, all scheduled for later in the day.
The yield on the benchmark 10-year Treasury yield plunged nearly 4 basis points to 2.104 percent, the super-long 30-year bond yields slumped nearly 3-1/2 basis points to 2.551 percent and the yield on the short-term 2-year plummeted nearly 6 basis points to 1.886 percent by 11:20GMT.
A busy week in the US kicks off today with the ISM and PMI manufacturing reports for May, along with vehicle sales numbers for the same month and construction spending figures for April. These will be followed tomorrow by April’s factory orders data. On Wednesday, focus turns to the service sector with the release of the non-manufacturing ISM and PMI for May, Daiwa Capital Markets reported.
In addition, the ADP employment report will cast light on developments in private payrolls over the past month. Of course, of more interest will be Friday’s official employment report, with non-farm payrolls expected to increase by less than 200k following the 263k surge in April. So the unemployment rate is expected to remain unchanged at 3.6 percent, while wage growth moved sideways at 3.2 percent y/y.
Friday will also see the release of April’s consumer credit report, while Thursday will bring April’s full trade report. There are plenty of Fed speakers in action this week too, including Fed Chair Powell tomorrow at the start of a two-day Fed conference discussing the central bank’s policy framework, the report added.
Meanwhile, the S&P 500 Futures traded tad 0.22 percent lower at 2,746.38 by 11:30GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained slightly bearish at -89.29 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
