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Bonds Gain Ahead of Job Rep |
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Treasuries edged higher before Friday's jobs report, while the greenback was mixed in early trading.
March 3, 2005: 9:26 AM EST
NEW YORK (CNN/Money) - Treasury securities edged higher Thursday ahead of Friday's key jobs report, while the dollar fell below a one-week high against the euro early in the session. The benchmark 10-year note rose 4/32 of a point to 97-2/32 to yield 4.37 percent, down
slightly from 4.38 percent late Wednesday. The 10-year is near its highest yield since Dec. 2,
when the yield reached 4.42 percent during the session and ended the day at 4.41 percent in
New York, according to Reuters.
The 30-year bond gained 1/32 of a point to 109-16/32 to yield 4.74 percent, relatively
unchanged from late Wednesday. Bond prices and yields move in opposite directions.
The five-year note edged up 2/32 of a point to yield 3.98
percent, while the two-year note also edged slightly higher to yield 3.56 percent.
The yield on the 10-year note hit 4.40 percent, a 2005 high, Wednesday as prices fell on
speculation that Federal Reserve Chairman Alan Greenspan would mention inflation and
indicate faster interest rate hikes.
In testimony to the House Budget Committee Wednesday, Greenspan said the economy is
growing at a reasonably good pace but the country must tackle budget deficits by restraining
spending.
On Thursday, a government report showed the number of Americans filing initial jobless claims
dipped last week to 310,000, as expected, suggesting continued improvement in the nation's
labor market.
Also on Thursday, the European Central Bank announced the decision to keep interest rates
steady at two percent. The decision had little market impact and was widely expected against
a background of patchy economic growth and subdued inflationary pressure in the 12-nation
euro zone.
On Friday, the Labor Department will release its employment report for February. Economists
expect that survey to show a gain of some 220,000 jobs last month, well above January's disappointing 146,000 increase.
In currency trading, the euro bought $1.3135 Thursday, up from $1.3128 late Wednesday. The
dollar bought ¥104.95, up from ¥104.75 unchanged from late Wednesday.
Find this article at:
http://money.cnn.com/2005/03/03/markets/bondcenter/bonds/index.htm |
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