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30 Jan 2020

US 10-year treasury yields refreshes 16-week low as risk-tone heavies

  • US 10-year treasury yields drop to the fresh low since October 09 mainly weighed down by fears of China’s coronavirus outbreak.
  • Yields in Australia and Germany were down too.
  • FOMC failed to impress markets, attention turns to the US GDP for now.

The US 10-year treasury yields decline to the fresh low of 1.587%, down 5.4 basis points (bps), by the end of their Wednesday’s session (early morning session for Asia). The risk barometer portrays the market’s fears emanating from China’s outbreak of coronavirus.

The fatal disease crossed the SARS epidemic of 2002/03 while taking more than 130 lives and +6,500 confirmed cases. Even if there are no deaths due to same outside China, the sentiment is pretty downbeat.

To avoid being infected due to the same, global airlines and businesses have started staying back from China. Even the governments, like in the US, the UK and China have also taken measures to push travelers away from Beijing.

Elsewhere, downbeat Pending Home Sales and Wholesale Inventories preceded a mostly unchanged outlook by the US Federal Reserve. US President Donald Trump’s signing of the key trade deal with Canada and Mexico, known as USMCA, as well as the European Union’s sign to the UK PM Boris Johnson’s Brexit deal also failed to impress markets.

Not only the US yields but coupons for the similar-maturity bonds from Australia and Germany were down too.

Investors will now keep eyes on Chinese headlines ahead of the key events like Bank of England’s (BOE) monetary policy meeting and the preliminary reading of the US fourth quarter (Q4) GDP.

Jan 29, 2020

NZ Trade Balance (December) recovers from $-4.85B to $-4.31B, NZD/USD mostly unchanged

December month trade numbers from Statistics New Zealand fails to surprise the NZD/USD pair traders despite recovering from their downwardly revised p
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Jan 30, 2020

WH Adviser Navarro: US will keep tariffs on China even if coronavirus starts hurting growth – CNBC

White House Adviser Peter Navarro crossed wires, via CNBC, during the early Thursday morning in Asia. The Trump administrator said to ignore coronavir
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