* Jobless claims, looming auction weighs on bonds
* 30-year bonds fall a point
* $13 bln long bond auction at 1 p.m.
* Pre-sale losses yield strong auction demand this week (Adds quote, details, updates prices)
U.S. Treasuries fell on Thursday as signs of improvement in weekly jobs data added fuel to a sell-off ahead of a $30-year bond auction.
After this week’s well-received offerings of three- and 10-year notes, the Treasury will auction $13 billion worth of 30-year bonds at 1 p.m. (1700 GMT), the last of this week’s $70 billion in bond auctions.
Government data on unemployment benefit claims showed that while new applications fell less than expected, continued claims fell more than forecast. This could reflect laid-off workers exhausting their benefits but it could also indicate that they are getting jobs.
Given that the market was already in sell-off mode due to the upcoming auction, traders opted for the bond-negative interpretation of the data as a sign of an improving economy, albeit a modest one.
“The number of people that dropped off the unemployment rolls is encouraging. It is a confirmation that the unemployment rate has peaked,” said John Canally, economist and investment strategist at LPL Financial in Boston.
The benchmark 10-year note US10YT=RR was last down 16/32 in price, yielding 3.24 percent versus Wednesday’s close of 3.18 percent.
The 30-year long bond US30YT=RR fell a point during the sell-off and was last down 1-1/32 yielding 4.17 percent versus Wednesday’s close of 4.11 percent.
Dealers usually sell bonds ahead of offerings to clear room on balance sheets and cheapen prices to attractive levels for the auction.
It has been difficult to do that in recent weeks with global financial markets engaged in a flight from fear over Europe’s fiscal crisis.
However, price concessions before this week’s two auctions have yielded good results at the bidding deadline.
By Richard Leong
Tags: economy, economy recovery, european economy, european union, financial crisis, fiscal crisis, global financial markets, unemployment rate, us economy, US Treasuries
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