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Treasury yields decline ahead of Manufacturing data

FXStreet (Mumbai) - The bond yields at the long-end as well as the short-end of the bond market curve in the US as the prices rose in anticipation of a weak manufacturing data due for release today.

The Ten-year Treasury yield in the US fell one basis points to 2.33%, as the markets expect the data to show that the manufacturing activity in the US slowed down in October. Earlier today, the growth concerns resurfaced after the China’s manufacturing activity slowed won in October. Consequently, the Treasuries gained on the safe haven appeal.

As per Bloomberg survey, the Institute for Supply Management’s index of manufacturing is likely to have declined to 56.2 in October from 56.6 in the previous month. Moreover, the Treasury yields may fall further if the manufacturing data indicate a sharp slowdown in the activity in the US.

Ten-year Yield Technical Levels

The yield has an immediate support at 2.32%, under which it can fall to 2.27%. On the flip side, resistance is seen at 2.362% and 2.387%.

GBP/USD capped by 1.6020

GBP/USD rose through the 1.60 mark and printed fresh daily highs, filling the weekly opening gap in the process, following stronger than expected UK manufacturing PMI.
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