Treasuries Head for Weekly Gain on Japan’s Quake, Libyan Turmoil

Treasuries were headed for a weekly advance as Japan’s strongest earthquake in a century, fighting in Libya and planned protests in Saudi Arabia spurred demand for a refuge in government debt.

Yields on benchmark 10-year notes touched the lowest level since January as the Pacific Tsunami Warning Center raised an alert for the Philippines, Indonesia and Chile among more than 20 countries after waves as high as 23 feet engulfed towns in Japan and killed hundreds. Treasuries fluctuated today as U.S. retail sales rose in February the most in four months.

“We’re watching tsunamis, we’re watching the Day of Rage” in Saudi Arabia, said Thomas Roth, senior Treasury trader at Mitsubishi UFJ Securities USA Inc. in New York. “That’s what’s moving the market around. The numbers were pretty much as expected.”

Read Full Article from BusinessWeek

- Posted: 2011-03-11 09:27:19

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