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The U.S. Treasuries disappointed markets on Tuesday as investors look forward to a host of speeches from the Federal Open Market Committee (FOMC) members, scheduled for later today and through the week. Also, the 10-year note auction, due to be held on May 10 will provide further direction to the debt market.
The yield on the benchmark 10-year Treasury jumped 2-1/2 basis points to 2.40 percent, the super-long 30-year bond yields climbed 2 basis points to 3.03 percent and the yield on short-term 2-year note also traded nearly 2 basis points higher at 1.34 percent by 12:30GMT.
The USD is generally higher on the session so far, building on Monday’s gains that have been supported by rising US rates. Markets factor in more risk of the Federal Reserve tightening in the months ahead. June is a lock but re-pricing risk remains beyond that point, suggesting further upside risk for the USD going forward.
Meanwhile, the S&P 500 Futures traded 0.14 percent higher at 2,398.25 by 12:40GMT, while at 12:00GMT, the FxWirePro's Hourly Dollar Strength Index remained slightly bullish at 93.67 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
