TREASURIES-Bond prices weaken on news of US jobless claims fall
NEW YORK May 2 (Reuters) - U.S. Treasuries prices weakened further on Thursday on news that the number of Americans filing new claims for jobless benefits fell to the lowest level in more than five years.
The benchmark 10-year Treasury note fell 9/32, about doubling its loss before the jobless claims data release. Its yield rose to 1.66 percent from 1.63 percent late on Wednesday.
Treasuries had weakened earlier after the European Central Bank cut its main interest rate by 25 basis points to a record low of 0.50 percent.
The U.S. Labor Department said new U.S. jobless claims fell to 324,000 in the week ended April 27 - the lowest level since January 2008 - from a revised 342,000 new claims the week before.
The data has no direct bearing on the Labor Department's monthly employment report for April due on Friday. However, it suggests that while employers have been shy about hiring, they are feeling less pressure to lay workers off.