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US Treasury yields pare gains amid jobs report
U.S. Treasury yields gave back earlier gains on Thursday after the Labor Department reported the U.S. economy added 223,000 jobs in June.
Economists polled by Reuters expected nonfarm payrolls to come in at 230,000 for June, compared with 280,000 in May. They also expected the overall unemployment rate to come in at 5.4 percent, but the department said it ticked lower to 5.3 percent.
Benchmark 10-year note yields traded at 2.404 percent following the release, having traded at about 2.46 percent ahead of the release. Thirty-year bond yields traded at 3.24 percent ahead of the much-anticipated jobs report, and fell to about 3.19 percent.
Weekly U.S. jobless claims also rose to 280,000.
Analysts said they would be looking at signs of pick up in wages for clues on whether to expect the Federal Reserve to hike rates sooner rather than later.
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"It is the wages data that is expected to get the main attention though with average hourly earnings expected to remain steady at 2.3 percent (year-on-year)," said Michael Hewson, chief market analyst at CMC Markets UK, said in a note.
"A number higher than that could well give the U.S. dollar a hefty nudge upwards, as well as raising the prospect of a Fed move on rates at its September meeting."
Treasury prices fell on Wednesday, pushing up yields, after data showed U.S. private employers hired the most workers in six months in June and factory activity picked up.
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In addition to the payrolls data, markets also get factory orders for May at 10 a.m.
Still, jitters about Greece could put a cap on any selling in the safe-haven U.S. bond market.
Greece's Prime Minister Alexis Tsipras has called a referendum this Sunday on the country's bailout terms that could determine the country's future in the euro zone.
Elsewhere, U.S. stock futures pointed to a slightly positive open for Wall Street shares, while the dollar was touch firmer against the Japanese yen and a touch weaker versus the euro.
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