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Treasury rates fall higher when unemployed data strikes

US government debt prices crossed higher on Friday after falling on Thursday amid stronger weekly data on unemployment.

The yield on the 10-year government bond benchmark was lower at around 0.7012% in early trading, while the return on the 30-year government bond slipped to around 1.4135%. Bond yields fall as their prices rise.

The move follows job data, which showed that the number of people claiming unemployment benefits was 963,000 last week. This is the first time the number has dropped to less than 1

million since March, when the coronavirus pandemic hit the United States.

Treasury rates rose higher after the news.

Meanwhile, a sell-off of government bonds on Thursday met weak demand, Reuters reported, which also pushed interest rates higher. The 10-year note hit its highest level since June 24, while the 30-year-old reached its highest level since July 7.

On Friday, investors are monitoring any developments in the coronavirus crisis. The White House coronavirus consultant Dr. Anthony Fauci said Thursday that he is “not happy” with the way the pandemic is progressing in the United States, citing a “disturbing” uptick in the number of positive Covid-19 tests in some areas of the United States.

Separately, Democrats and Republicans said they were no closer to an agreement on the next round of coronavirus assistance, indicating that the blindfold could drag on for some time.

So far, more than 20,900,000 people worldwide have contracted coronavirus, according to data compiled by Johns Hopkins University, and over 755,000 deaths have been reported.

The figures for retail sales fall due on Friday along with industrial production and manufacturing data for production. No major auctions are expected over the Treasury.

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