U.S. Treasuries trend lower on expectations of upbeat non-farm payrolls; unemployment to remain unchanged

The U.S. Treasuries trended lower Friday, following market expectations of an upbeat reading of non-farm payroll data, besides no change in the country’s rate of unemployment, scheduled to be released later in the day.

The yield on the benchmark 10-year Treasury rose 1-1/2 basis points to 2.48 percent, the super-long 30-year bond yield also jumped 1-1/2 basis points to 3.09 percent while the yield on short-term 2-year note traded flat at 1.21 percent.

The country’s non-farm payrolls data for the month of January is anticipated to come in at a whopping 175K, from 156K in December, while private non-farm payrolls is expected to read 169K, a jump from 144K in the previous month.

However, the rate of unemployment is likely to have remained unchanged at 4.7 percent during the month of January, neither an indication of optimism nor pessimism. However, markets shall remain muted in the coming week amid lack of significant economic data.

Lastly, the Trump is also scheduled to unleash his budget proposals on February 6, which is widely expected to reveal the details which markets need to further propel Trump trades.

Meanwhile, the S&P 500 Futures rose 3.50 points or 0.15 percent to trade at 2,279 by 12:20GMT, while at 12:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at 44.26 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex