After showing a significant move to the downside last Friday, treasuries regained some ground during trading on Monday.
Bond prices moved higher in morning trading and remained firmly positive throughout the afternoon. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 2.8 basis points to 1.607 percent.
The rebound by treasuries came as some traders looked to pick up bonds at reduced levels after the ten-year yield ended the previous session at its highest closing level in over a year.
Trading activity was somewhat subdued, however, as traders seemed reluctant to make significant moves ahead of the Federal Reserve’s monetary policy announcement on Wednesday.
The Fed is widely expected to leave interest rates unchanged, but traders will be paying close attention to any changes to the accompanying statement.
Some traders are hoping the Fed will address the recent spike in bond yields, which has led to considerable volatility in Wall Street in recent sessions.
Meanwhile, traders largely shrugged off a report released by the Federal Reserve Bank of New York showing an acceleration in the pace of growth in New York manufacturing activity in the month of March.
The New York Fed said its general business conditions index climbed to 17.4 in March from 12.1 in February, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to rise to 14.5
Looking ahead, the New York Fed said firms remained optimistic that conditions would improve over the next six months, anticipating significant increases in employment.
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
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.