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The U.S. Treasuries remained tad higher during late European session Monday amid a silent trading session that witnessed data of little economic significance. the main data focus this week will be Friday’s employment report for February, in which developments in the unemployment rate and wage growth will remain of particular interest.
The yield on the benchmark 10-year Treasury yield slipped nearly 1 basis point to 2.748 percent, the super-long 30-year bond yields also edged nearly 1 basis point lower at 3.115 percent and the yield on the short-term 2-year traded tad lower at 2.555 percent by 13:30GMT.
Perhaps unsurprisingly, non-farm payrolls are expected to have posted a more modest increase in February following the 304k increase in January. Daiwa’s US chief economist Mike Moran currently predicts a gain of 180k.
Nevertheless, the unemployment rate is expected to have fallen back below 4 percent, while average hourly earnings growth is likely to have ticked higher. Ahead of that report further clues on the labour market will be provided by the non-manufacturing ISM tomorrow and the ADP employment report on Wednesday, Daiwa Capital Markets reported.
The week’s other key releases are today’s construction spending estimates for December, tomorrow’s new home sales report for December, Wednesday’s full trade balance for December, Thursday’s unit labour cost and productivity estimates for Q4, and Friday’s housing starts and permits data for January.
The Fed’s latest Beige Book, released on Wednesday, will also be of interest. In the bond market, the US Treasury will auction only short-term bills, the report added.
Meanwhile, the S&P 500 Futures edged 0.28 percent lower to 2,787.12 by 13:35GMT, while at 13:00GMT, the FxWirePro's Hourly Dollar Strength Index remained highly bullish at 112.12 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
