The market hasn’t been as quiet as anticipated today in the countdown to non-farm payrolls. USD/JPY has fallen hard as US 2-year yields gravitate back to 5%.
On the economic calendar today, we get weekly initial jobless claims. They have remained extremely low as part of broad US labor tightness and no shift in that paradigm is expected today with the consensus at 195K compared to 190K previously.
The other item of note on the agenda is a 30-year bond sale at 1 pm ET. The OTR 30s are trading at 3.92%, up 4.6 bps and part of that may be a concession for today’s supply.
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