U.S. Treasury yields slump ahead of 10-year auction, FOMC member Quarles’ speech

The U.S. Treasury yields slumped during New York session Wednesday ahead of the country’s 10-year Note auction and Federal Open Market Committee (FOMC) member Randal K. Quarles’ speech, both scheduled for today at 18:00GMT and 23:05GMT respectively.

The yield on the benchmark 10-year Treasury yield slumped 2-1/2 basis points to 2.679 percent, the super-long 30-year bond yields also plummeted 2-1/2 basis points to 3.012 percent and the yield on the short-term 2-year traded tad above 1 basis point at 2.510 percent by 14:35GMT.

Separately, the U.S. Census Bureau and Bureau of Economic Analysis collectively released a report on the International Trade in Goods and Services for the month of November, announcing that the country’s goods and services deficit was $49.3 billion in November, down $6.4 billion from $55.7 billion in October, revised.

While November’s exports were $209.9 billion, $1.3 billion less than October exports, imports were $259.2 billion, $7.7 billion less than October imports.

In addition, manufacturing sector labor productivity increased 1.3 percent during the fourth quarter of 2018, the  U.S. Bureau of Labor Statistics reported today, as output increased 2.3 percent and hours worked  increased 1.0 percent.

Meanwhile, the S&P 500 Futures edged tad higher to 2,733.12 by 14:40GMT, while at 14:00GMT, the FxWirePro's Hourly Dollar Strength Index remained highly bullish at 114.17 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex