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The U.S. Treasuries gained Friday ahead of the country’s core consumer price inflation (CPI) for the month of July, scheduled to be released today by 12:30GMT.
The yield on the benchmark 10-year Treasuries plunged nearly 4 basis points to 2.89 percent, the super-long 30-year bond yields also slumped nearly 4 basis points to 3.04 percent and the yield on the short-term 2-year traded 1-1/2 basis points lower at 2.63 percent by 10:40GMT.
Today’s key US data focus will be the CPI inflation report for July. Core inflation is expected broadly to match the 0.2 percent m/m rate chalked up in four of the past five months. But the headline CPI seems likely to be a touch weaker than that rate on account of a decline in the energy component related to lower prices of gasoline.
Nevertheless, the annual rates should then remain unchanged at 2.9 percent y/y headline and 2.3 percent y/y core. The Federal Budget report for July is also due. Despite the likelihood of lower-than-average outlays, the deficit is expected to come in close to USD75 billion, up from USD42.9 billion a year earlier, due to weaker revenues (principally thanks to the tax reform).
Meanwhile, the S&P 500 Futures remained 0.45 percent lower at 2,841.00 by 10:40GMT, while at 10:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at 54.67 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
