U.S. Treasuries gain ahead of February ADP non-farm employment data, host of FOMC speeches

The U.S. Treasuries gained during late European session Wednesday ahead of the country’s ADP non-farm employment data for the month of February, scheduled to be released today by 13:15GMT.

Also, speeches by members of the Federal Open Market Committee (FOMC), Mester and Williams at 17:00GMT respectively will add further guidance to the bonds market.

The yield on the benchmark 10-year Treasury yield slipped 1 basis point to 2.711 percent, the super-long 30-year bond yields also edged 1 basis point higher at 3.078 percent and the yield on the short-term 2-year traded nearly 1-1/2 basis points lower at 2.538 percent by 11:30GMT.

In the US, ahead of Friday’s official labour market report, attention today will be on the ADP employment report, which is expected to suggest that non-farm payrolls in the private sector increased 190k in February, Daiwa Capital Markets reported.

In addition, the full trade report for December is expected to mirror the awful goods trade report, with the headline deficit expected to leap to close to $58 billion, which would be the largest since 2008, besides, the release of the Fed’s latest Beige Book, also due later today, the report added.

Meanwhile, the S&P 500 Futures edged tad lower to 2,787.62 by 11:35GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained highly bullish at 118.77 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex