WASHINGTON (dpa-AFX) - Treasuries moved to the downside during trading on Thursday, giving back ground after moving higher over the two previous sessions.
Bond prices fluctuated early in the session but spent most of the day in negative territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose 2.0 basis points to 4.160 percent.
The pullback by treasuries came as the Labor Department released a report showing first-time claims for U.S. unemployment benefits unexpectedly dipped in the week ended January 10th, partly offsetting concerns about the strength of the labor market.
The Labor Department said initial jobless claims fell to 198,000, a decrease of 9,000 from the previous week's revised level of 207,000.
Economists had expected jobless claims to rise to 215,000 from the 208,000 originally reported for the previous week.
'Initial jobless claims are still subject to seasonal volatility, but the surprises have been more to the downside,' said Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics. 'Looking through the noise, we see no signs that labor market conditions are worsening.'
Upbeat reports on regional manufacturing activity in Philadelphia and New York may have also reduced treasuries' safe haven appeal.
Easing concerns about a confrontation between the U.S. and Iran may also have weighed on treasuries as President Donald Trump seemed to suggest the U.S. would not attack the country over crackdowns on protestors.
Looking ahead, trading on Friday may be impacted by reaction to reports on industrial production and homebuilder confidence.
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