Before the non-farm payrolls, U.S. Treasury bonds rebounded from lows, oil prices retraced, and shifting geopolitical sentiment dominated the market trend.

智通财经2026/08/07 10:46

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On Friday, during the European trading session, US Treasuries rebounded from Asian session lows following reports that Iran carried out strikes on targets in the Strait of Hormuz. This initially pushed oil prices higher and weighed on the bond market, but as WTI crude retreated from its intraday high of $78.17 to around $77.10, US Treasuries found some breathing room.
Trading remained subdued, with the ten-year futures contract recording a trading volume of only about 162,000 lots as of 19:05 Beijing time, in line with typical market patterns on the eve of non-farm payroll data releases. The contract price fluctuated between 108-13 and 108-19.
German government bonds continued to experience slight pressure, falling about a dozen ticks below the settlement price and at one point dropping more than one-third of a big figure. As a result, the US-Germany yield spread narrowed by about 0.5 basis points to approximately 151.5 basis points.
In risk assets, S&P 500 futures rose slightly by about 0.2%, the Euro Stoxx 50 index climbed roughly 0.7%, Nikkei finished slightly lower in Asia while the CSI 300 rebounded about 0.9%, reflecting divergent global risk sentiment.
The US Dollar Index held steady near 99.92, the pound weakened slightly to 1.3436, the euro and yen remained largely unchanged, and spot gold rebounded nearly 2% to $4,313.83, indicating that some safe-haven demand persists ahead of key data.

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Before the non-farm payrolls, U.S. Treasury bonds rebounded from lows, oil prices retraced, and shifting geopolitical sentiment dominated the market trend.

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