U.S. markets are reeling this week from surging funding needs, the loss of the government's prized triple-A credit rating and a still-hot labour market.
Longer-dated U.S. Treasuries have taken a beating this week, with 10-year and 30-year yields surging over 20 basis points, heading for their biggest weekly jump since late December.
On Friday, if economists polled by Reuters are right, non-farm payrolls will have risen by 200,000 in July -- pretty much unchanged from June.
Just last month, another stronger-than-expected ADP report sent yields surging, only to be followed by a weaker-than-expected nonfarm payrolls report, stoking yield swings.
Key developments that should provide more direction to U.S. markets later on Friday:* U.S. July non-farm payrolls* Canada July employment data* Goodyear Tire earningsReporting by Yoruk Bahceli; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.
Persons:
Elizabeth Frantz, Yoruk Bahceli, Fitch, Jerome Powell, nonfarm, Christina Fincher
Organizations:
REUTERS, Yoruk, Markets, Treasury, Reuters, Citi, Traders, Goodyear, Thomson
Locations:
Arlington , Virginia, U.S, Yoruk Bahceli . U.S, United States, Canada