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Data released on Thursday showed Initial Jobless Claims for the week ended February 24 dropped to 190K, better than the 195K of market consensus. Non-farm productivity during the fourth quarter was revised lower from 3% to 1.7% while Unit Labor Costs were revised from 1.1% to 3.2%. Federal Reserve Governor Christopher Waller and Minneapolis Fed President Neel Kashkari will speak later on Thursday.
US economic figures add to the new scenario of a tight labor market and persistent inflation. The context adds pressure to the Fed and increases expectations of higher interest rates for longer. As a response, US yields moved further north. The 10-year US yield hit 4.08%, the highest since November, and the 2-year hit 4.93%, the highest since 2007.
The Japanese Yen is the worst performer over the last five days across the G10 space, followed closely by the Australian Dollar. Higher bond yields across the globe as inflation shows signs of persistence are weighing on the Yen. On Thursday is having a mixed performance amid a deterioration in market sentiment.
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