TREASURIES-Yields rise with Powell in focus, strong demand for two-year auction
Benchmark 10-year yields rose three and a half basis points to 1.290%. The yields are in a range after falling from a one-month high of 1.379% on Aug. 12, while holding above a six-month low of 1.127% reached earlier this month.
U.S. Treasury yields rose on Tuesday as investors waited on comments on Friday by Federal Reserve Chair Jerome Powell for any new indications on when the central bank is likely to begin paring bond purchases.
Powell is due to speak at the Fed’s annual economic symposium at Jackson Hole, Wyoming. The event on Aug. 27 will take place virtually and not in person due to the spread of COVID-19 in the county, which has reduced expectations that any major announcement will be made at the event.
Still, investors will be watching to see if Powell indicates that a reduction in bond purchases is imminent, and whether he expresses any new concerns about economic growth due to the rise in COVID-19 Delta variant cases.
Dollar slips further as oil rallies, commodity currencies gain
The dollar eased further on Tuesday as risk-related currencies benefited from rising commodity prices and markets set aside concerns about the spread of the Delta coronavirus variant to gauge data that showed a U.S. economy in strong recovery mode.
The dollar index , which measures the greenback against a basket of six currencies, fell 0.095% to 92.899.
The euro was up 0.07% at $1.1751, while the yen traded down 0.01% at $109.6700
Reference: Reuters
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