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The Canadian bond prices dropped sharply on Friday as the unwinding of the safe-haven bid that had been boosting the market continued. The 10-year bond had its biggest one-day fall since 2004, while the two-year bond fell the most in almost a month. "It's basically been a change in perception," said BMO's Gregory.
There was no economic data in Canada on Friday, but next week starts off with a couple of key indicators, with retail sales numbers for July on Monday and inflation data for August on Tuesday. The two-year bond fell 80 Canadian cents to C$99.70 to yield 2.892 percent, while the 10-year dropped C$1.60 to C$104.35 to yield 3.710 percent.
The yield spread between the two-year and 10-year bond was 79.4 basis points, down from 81.9 basis points at the previous close. The 30-year bond tumbled C$2 to C$114.40 for a yield of 4.137 percent. In the United States, the 30-year Treasury yielded 4.406 percent. The three-month when-issued T-bill yielded 2.27 percent, up from 1.50 percent at the previous close.

Copyright Reuters, 2008

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