After ending the previous session roughly flat, treasuries moved to the downside over the course of the trading day on Wednesday.
Bond prices moved steadily lower in morning trading and remained firmly negative throughout the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 3.5 basis points to 1.924 percent.
With the increase on the day, the ten-year yield ended the session at its highest closing level in well over a month.
Last week’s news that the U.S. and China have agreed on a phase one trade deal continued to reduce to appeal of treasuries.
Trading activity remained relatively subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.
Reports on weekly jobless claims, existing home sales and personal income and spending may attract attention in the coming days as traders look for the next major catalyst to drive the markets.
Traders are also keeping an eye on developments on Capitol Hill, where House Democrats are expected to vote to impeach President Donald Trump.
Looking ahead, trading on Thursday may be impacted by reaction to reports on weekly jobless claims, existing home sales and leading economic indicators.
The material has been provided by InstaForex Company – www.instaforex.com