WASHINGTON (dpa-AFX) - Treasuries moved to the downside during trading on Thursday, giving back ground after trending higher over the past few sessions.
Bond prices saw modest weakness early in the session but slid more firmly into negative territory as the day progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 5.4 basis points to 4.333 percent.
The weakness among treasuries came as traders cashed in on the strength seen over the past few sessions, which saw the ten-year yield pull back well off the two-month closing high set last Friday.
Treasuries also moved lower as President Donald Trump made upbeat comments about trade talks, saying in a post on Truth Social on Wednesday that 'big progress' had been made in a meeting with the Japanese trade delegation.
'Had a very productive call with the President of Mexico yesterday,' he added in a post this morning. 'Likewise, I met with the highest level Japanese Trade Representatives. It was a very productive meeting. Every Nation, including China, wants to meet! Today, Italy!'
A Labor Department report unexpectedly showing a modest decrease by first-time claims for U.S. unemployment benefits in the week ended April 12th may also have reduced the safe haven appeal of bonds.
The report said initial jobless claims dipped to 215,000, a decrease of 9,000 from the previous week's revised level of 224,000.
Economists had expected initial jobless claims to inch up to 225,000 from the 223,000 originally reported for the previous week.
Meanwhile, a separate report released by the Commerce Department showed new residential construction in the U.S. pulled back by much more than expected in the month of March.
Following the long Easter weekend, traders are also likely to keep an eye on reports on durable goods orders and new and existing home sales next week, although any developments on the trade front are likely to remain in the spotlight.
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