U.S. Treasury yields gain ahead of March ADP non-farm employment, ISM non-manufacturing PMI data

The U.S. Treasury yields climbed during European session Wednesday ahead of the country’s ADP non-farm employment data for the month of March and ISM non-manufacturing PMI for the similar period, both scheduled to be released today by 17:45GMT and 19:30GMT respectively.

Also, FOMC speaker Bostic’s speech, due today at 18:00GMT might add further direction to the debt market.

The yield on the benchmark 10-year Treasury yield jumped nearly 4 basis points to 2.517 percent, the super-long 30-year bond yields surged nearly 3-1/2 basis points to 2.919 percent and the yield on the short-term 2-year traded nearly 3 basis points higher at 2.335 percent by 11:20GMT.

Despite a broadly flat session on Wall Street yesterday, moves in Asian equity markets have been positive today, with US equity futures also slightly higher and 10-year UST yields up to 2.51 percent for the first time in more than a week.

Investors appeared to have noted a report which indicated that the US and China are moving closer to a trade deal (albeit with some unresolved issues surrounded implementation and enforcement still to be sorted out) and the latest UK political developments that appear to reduce the risk of a no-deal Brexit also underpinned market sentiment towards risk assets.

The majority of Asian bourses ended to fresh multi-month highs earlier today and major European bourses retained a cautiously positive tone in early trade on somewhat easing global growth concerns following positive factory activity data from the world’s two biggest economies earlier this week.

Meanwhile, the S&P 500 Futures edged tad higher to 2,881.12 by 11:25GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at 5.92 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex