U.S. Treasuries suffer ahead of September ISM PMIs, OPEC meeting - Crypto Trading News Hub
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U.S. Treasuries suffer ahead of September ISM PMIs, OPEC meeting

The U.S. Treasuries suffered during Monday’s ahead of the country’s manufacturing and non-manufacturing ISM PMIs for the month of September on Tuesday and Thursday respectively, amid an otherwise, muted trading session today, that is scheduled to only witness an OPEC meeting in the day.

The yield on the benchmark 10-year Treasury yield jumped 2 basis points to 1.692 percent, the super-long 30-year bond yield surged 2 basis points to 2.146 percent and the yield on the short-term 2-year traded 1-1/2 basis points higher at 1.640 percent by 11:50GMT. While the manufacturing survey is expected to signal ongoing weakness in the sector, the non-manufacturing index is likely to point to still-solid expansion at the end of Q3.

Tuesday will also bring construction spending and vehicle sales figures, followed on Wednesday by the ADP employment report, on Thursday by factory orders data and on Friday by the full trade numbers, Daiwa Capital Markets reported. But most focus on Friday will be on the BLS employment report, with non-farm payrolls expected to have increased by 140k in September, slightly below the average for the year so far. As such, the unemployment rate is expected to be unchanged at 3.7 percent, while average earnings growth is also forecast to be unchanged at 3.2 percent y/y, the report added.

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In terms of Fed speak, various FOMC members are due to appear at conferences throughout the week, including Chair Powell at a ‘Fed listens event’ on Friday, Daiwa further noted. Meanwhile, the S&P 500 Futures remained tad -0.53 percent down at 2,961.79 by 11:55GMT.

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