Following the steep drop seen in the previous session, treasuries moved modestly lower over the course of the trading day on Tuesday.

Bond prices showed a lack of direction for much of the day before moving to the downside going into the close. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by 1.4 basis points to 0.972 percent.

With the uptick on the day, the ten-year yield added to the 13.8 basis point spike seen on Monday, reaching its highest closing level since mid-March.

The modestly lower close by treasuries came after the Treasury Department revealed that its auction of $41 billion worth of ten-year notes attracted below average demand.

The ten-year note auction drew a high yield of 0.960 percent and a bid-to-cover ratio of 2.32, while the ten previous ten-year note auctions had an average bid-to-cover ratio of 2.46.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

Following the Veterans Day holiday on Wednesday, the Treasury is due to finish off this week’s announcements of the results of its long-term securities by revealing the results of its auction of $27 billion worth of thirty-year bonds on Thursday.

Trading on Thursday may also be impacted by reaction to reports on weekly jobless claims and consumer price inflation.

Traders are also likely to keep an eye on remarks by Federal Reserve Chair Jerome Powell, who is due to speak on a policy panel at the European Central Bank Forum on Central Banking virtual event.

The material has been provided by InstaForex Company –

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