Treasuries saw moderate weakness during trading on Monday, giving back some ground after trending higher in recent weeks.
Bond prices moved to the downside in early trading and remained stuck in the red throughout the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 3.3 basis points to 1.735 percent.
After ending the previous session unchanged, the ten-year yield climbed off the record closing low that it set last Thursday.
The pullback by treasuries was partly due to a rebound by stocks, which moved back to the upside after ending last Friday's trading at four-month lows.
Nonetheless, selling pressure was relatively subdued amid lingering concerns about the financial situation in Europe, particularly due to the ongoing political uncertainty in Greece.
A lack of major U.S. economic activity also led to a light trading day, although reports on home sales, durable goods orders, and consumer sentiment are likely to be in focus later this week.
Trading on Tuesday could be impacted by the release of the National Association of Realtor's monthly report on existing home sales. Economists expect existing home sales to climb to an annual rate of 4.66 million in April from 4.48 million in March.
by RTT Staff Writer
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