Markets Await Refinancing Announcement, U.S. Bond Yields Fluctuate Narrowly Ahead of Data Week

Odaily News U.S. Treasury yields showed little movement during Asian trading hours as markets await the quarterly refinancing announcement and the ISM Services PMI data. According to a Wall Street Journal survey of analysts, the U.S. ISM Services PMI for January is expected to decline to 53.5 from the previous reading of 54.4. Michael Brown from Pepperstone noted in a report that this data will be closely watched, not only for its overall performance following Monday's ISM manufacturing data which significantly exceeded expectations, but also because the employment sub-index will be in focus given the absence of the January jobs report on Friday. According to Tradeweb data, the yield on the 10-year U.S. Treasury note rose by 0.3 basis points to 4.274%; the yield on the 30-year U.S. Treasury note remained stable at 4.906%. (Jin10)