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The U.S. Treasuries traded tad lower Monday ahead of the 10-year and 30-year auctions, scheduled for later today and tomorrow respectively. Also, expectations for a rise in the country’s CPI for the month of May added to the downside in debt market.
The yield on the benchmark 10-year Treasury, rose 1-1/2 basis points to 2.21 percent, the super-long 30-year bond yields also climbed nearly 1-1/2 basis points to 2.86 percent and the yield on short-term 2-year note traded 1 basis point higher at 1.34 percent by 11:10GMT.
Preliminary results from the first round of legislative elections in France that were held on Sunday 11th of June suggest that President Emmanuel Macron's party La République En Marche and its allies are set to win around 32 percent of the vote and well over 400 seats in the 577-seat National Assembly, the biggest parliamentary majority since 1993.
The outcome of the first round favoured government bonds with the 10-year OAT/Bund yield spread narrowing to multi-week lows. In Italy, reduced risk of snap elections favoured sovereign paper with the 10-year BTP yield dropping to the lowest in more than five months.
Meanwhile, the S&P 500 Futures traded 0.25 percent higher at 2,422.25 by 11:30GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at 59.52 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
