10-year note spike prior to employment report

Prices in the June 10-year Treasury note futures spiked 11-ticks to 132-13 just prior to the release of the April employment report on May 4 at 8:30 EDT. While the move appears dramatic there was little volume. With the report about to be released, a smaller position would have a larger impact on the market as there would be less people willing to take the other side right before the report.

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