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Ten-year yield at day’s high after strong ADP report

FXStreet (Mumbai) - The yields at the long end of the US treasury market curve inched higher after a strong monthly ADP jobs report increased the expectations of a positive non-farm payrolls number on Friday.

The ten-year yield rose to a day’s high of 2.368% after the figures from the New Jersey-based ADP Research Institute showed companies in the US added 230,000 workers in October, higher than the market expectation of 2,20,000 additions. Moreover, the strong ADP number comes two days before the non-farm payrolls report which is expected to show a rise in payrolls by 232,000 in October.

Despite, a strong ADP number, yields may remain under pressure on safe haven demand for Treasuries from Europe due to the disappointing growth forecasts for the Eurozone published yesterday by the European Commission.

Ten-year yield Technical levels

The yield has an immediate resistance at 2.384%, above which it test 2.38%. On the other hand, the yield may fall to 2.3%, if the immediate support at 2.34% is breached.

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