2018.06.0715:20:00UTC+00Treasuries Regain Ground Ahead Of G7 Summit

After moving notably lower in the previous session, treasuries moved back to the upside over the course of the trading day on Thursday.

Bond prices spiked higher in mid-afternoon trading but pulled back off their highs going into the close. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 4.2 basis points to 2.933 percent.

The rebound on the day came as traders looked to the safe haven of treasuries ahead of a G7 summit in Canada that is expected to focus on recent trade disputes.

Traders are also looking ahead to President Donald Trump's meeting with North Korean leader Kim Jong Un next Tuesday as well as the Federal Reserve meeting next Wednesday.

On the U.S. economic front, the Labor Department released a report showing a modest decrease in initial jobless claims in the week ended June 2nd.

The report said initial jobless claims edged down to 222,000, a decrease of 1,000 from the previous week's revised level of 223,000.

Economists had expected jobless claims to rise to 225,000 from the 221,000 originally reported for the previous week.

Meanwhile, the Treasury Department announced the details of next week's auctions of three-year and ten-year notes and thirty-year bonds.

The Treasury said it plans to sell $32 billion worth of three-year notes and $22 billion worth of ten-year notes next Monday and $14 billion worth of thirty-year bonds next Tuesday.

Trading activity on Friday may be impacted by reaction to news out of the G7 summit set to get underway in Quebec amid concerns about a global trade war.