After ending the previous session nearly flat, treasuries moved to the upside over the course of the trading day on Friday.
Bond priced moved higher in early trading and remained firmly positive throughout the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 3.1 basis points to 1.874 percent.
The strength among treasuries came as traders prepare for the New Year, with some looking to the safe haven of bonds amid concerns about an eventual pullback by stocks.
Nonetheless, many traders remained away from their desks following the Christmas holiday on Wednesday and the New Year’s Day holiday next Wednesday.
A lack of major U.S. economic data also kept traders on the sidelines as they attempt to deduce what is in store for the economy in the New Year.
Trading activity is likely to remain relatively subdued next week, although reports on pending home sales, consumer confidence, and manufacturing activity may attract some attention.
The material has been provided by InstaForex Company – www.instaforex.com