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The Canadian bonds slumped Thursday as the United States initial jobless claims for the week ending 20 August fell to the lowest level in five weeks that encouraged optimism about stabilising labour market in the world largest economy.
The yield on the benchmark 10-year bond, which moves inversely to its price, rose nearly 2 basis points to 1.056 percent and the yield on the short-term 2-year bonds jumped more than 1 basis point to 0.586 percent by 13:10 GMT.
However, markets look to be holding steady in advance of Fed Chair Yellen’s Jackson Hole speech on Friday.
US Initial jobless claims for the week ending 20 August decreased -1k to 261k, below expectations for a 265k result as compared to the unrevised 262k reading seen in the week prior. Meanwhile, continuing claims for week ending 13 August decreased to 2.145 million, versus the 2.175 million reading seen prior. The insured unemployment rate held unchanged at 1.6 percent.
Moreover, the Canadian bonds have been closely following developments in oil markets because of their impact on inflation expectations, which are well below the Bank of Japan's target. The crude oil prices declined as US stockpiles increased by 6.6 million barrels in the week ended August 19 to a record high of 1.4 billion barrels, said the Energy Information Administration.
Also, Iraq prepared to increase its exports and renewed concerns that upcoming producer talks will not rein in oversupply. Also, worries about expanding Chinese fuel exports dragged oil prices. The International benchmark Brent futures fell 0.10 percent to $49.00 and West Texas Intermediate (WTI) dipped 0.04 percent to $46.75 by 13:10 GMT.
Lastly, Canadian stocks may struggle to continue its winning track Thursday morning amid sluggish commodities.
The S&P/TSX Composite Index fell 0.94 percent at the close of the trading session to 14,626.24 on Wednesday.
