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The U.S. Treasuries plunged Monday ahead of the country’s ISM manufacturing PMI for the month of September, scheduled to be released today by 14:00GMT. Also, FOMC members Bostic and Rosengren’s, all due for today by 13:00GMT and 16:15GMT respectively will be watched out for detailed direction in the debt market.
The yield on the benchmark 10-year Treasuries jumped 3 basis points to 3.087 percent, the super-long 30-year bond yields surged nearly 4 basis points to 3.234 percent and the yield on the short-term 2-year traded 1-1/2 basis points higher at 2.835 percent by 11:00GMT.
Another busy week in the US kicks off today with the release of the manufacturing ISM and auto sales reports for September, together with August construction spending. While Tuesday has no new data releases of note, the following day brings the ADP employment estimate for September and non-manufacturing ISM for the same month. The August factory orders report is the only monthly release due on Thursday.
However, all eyes on Friday will be on the official labour market report for September. Another solid increase in non-farm payrolls could see the unemployment rate return to its cyclical low of 3.8 percent. And, after last month’s upside surprise, there will be great interest in developments in average hourly earnings (a high base effect will likely see a temporary declining in annual wage inflation from the 2.9 percent y/y growth recorded in August), Daiwa Capital Markets reported.
Daiwa US Chief Economist Mike Moran forecasts a gain in payrolls of 185k, but notes the uncertainty (particularly to the wage and workweek-length figures) associated with the impact of Hurricane Florence. The full trade balance for August and consumer credit data for August will also be released on Friday. The coming week also brings numerous Fed speakers, with Chair Jay Powell in action tomorrow and Wednesday. In the bond market there are only bill auctions scheduled this week.
Meanwhile, the S&P 500 Futures traded 0.57 percent higher at 2,935.75 by 11:10GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained slightly bullish at 95.39 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
