Treasuries Rise as Dollar Falls Amid Economic Data; Oil Slumps
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Treasuries rebounded from a four-month low, while the dollar retreated after mixed data on the world’s largest economy supported the case for monetary policy to remain accommodative. Oil declined.
U.S. government bond yields dropped as the greenback retreated against most of its major peers after a measure of manufacturing in New York unexpectedly contracted, while national factory production grew for the third time in four months. Energy shares drove U.S. losses as investors assessed corporate earnings. Crude fell a second day as OPEC members added supply and American producers increased drilling, threatening to compound a global surplus.