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Treasuries End Higher

Treasuries opened lower following the European Central Bank's decision to leave rates unchanged. The disappointment over the lack of a rate change pounded bunds, which then filtered into Treasuries as European based players hedged.

As the dollar ground higher, expectations grew that carry trades would unwind, so speculators sold. Jobless claims suggested the labor market is not worsening. But shortly after the report, Treasuries pared earlier losses. Short-term sellers and other technical short-covering underpinned the move, as the focus shifted to Friday's jobs data.

But several deal pricings also helped move prices even higher. Prices traded higher all afternoon as shorts covered and speculative longs were established for an "employment" trade.

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