Treasuries Close Modestly Higher Following Mixed Batch Of Data

Treasuries moved modestly higher over the course of the trading session on Friday after initially showing a lack of direction.

Bond prices lingered near the unchanged line in morning trading before moving to the upside in the afternoon. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 2 basis points to 2.396 percent.

The higher close by treasuries came following the release of a mixed batch of U.S. economic data earlier in the day.

A Commerce Department report showed personal income rose in line with economist estimates in February, although personal spending inched up by slightly less than expected.

The report said personal income increased by 0.4 percent in February after climbing by an upwardly revised 0.5 percent in January.

Economists had expected personal income growth to match the 0.4 percent increase originally reported for the previous month.

Meanwhile, the Commerce Department said personal spending crept up by 0.1 percent in February after rising by 0.2 percent in January. Economists had expected another 0.2 percent increase.

A separate report from MNI Indicators showed that Chicago-area business activity unexpectedly saw a faster rate of growth in the month of March.

MNI Indicators said its Chicago business barometer inched up to 57.7 in March from 57.4 in February, with a reading above 50 indicating growth. The index had been expected to edge down to 56.5.

The University of Michigan also released a report showing an unexpected downward revision to its consumer sentiment index for March.

The report said the consumer sentiment index for March was downwardly revised to 96.9 from the preliminary reading of 97.6. Economists had expected the index to be unrevised.

Despite the downward revision, the consumer sentiment index is still higher than the final February reading of 96.3.

Economic data is likely to be in focus next week, with the spotlight expected to be on the monthly jobs report due next Friday. Reports on activity in the manufacturing and service sectors may also attract attention.

Traders are also likely to keep a close eye on the minutes of the latest Federal Reserve meeting, looking for clues about the outlook for interest rates.

The material has been provided by InstaForex Company – www.instaforex.com

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