After ending the previous session nearly unchanged, treasuries showed a modest move to the downside during trading on Monday.
Bond prices regained ground after an initial drop but remained in negative territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by 1.3 basis points to 0.906 percent.
The modestly lower close by treasuries came following more upbeat news on the coronavirus vaccine front, with Moderna (MRNA) reporting positive results from a trial of its vaccine candidate.
Moderna said that the trial of its potential coronavirus vaccine has met the statistical criteria pre-specified in the study protocol for efficacy, with a vaccine efficacy of 94.5 percent.
“This is a pivotal moment in the development of our COVID-19 vaccine candidate. Since early January, we have chased this virus with the intent to protect as many people around the world as possible,” said St?phane Bancel, Chief Executive Officer of Moderna.
He added, “All along, we have known that each day matters. This positive interim analysis from our Phase 3 study has given us the first clinical validation that our vaccine can prevent COVID-19 disease, including severe disease.”
On the U.S. economic front, a report released by the Federal Reserve Bank of New York showed New York manufacturing activity unexpectedly expanded at a slower rate in the month of November.
The New York Fed said its general business conditions index fell to 6.3 in November from 10.5 in October. While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to rise to 13.5.
Looking ahead, the index for future business conditions held steady at 33.9, suggesting that firms remained optimistic about future conditions.
Trading on Tuesday may be impacted by reaction to reports on retail sales, industrial production and homebuilder confidence.
The material has been provided by InstaForex Company – www.instaforex.com
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