Bond yields edged higher on Wednesday, as investors turned cautious ahead of the release of U.S. Federal Reserve’s May meeting minutes later in the day for clues about its next interest rate hike.
In the global market, U.S. Treasury yields rose on Tuesday as some investors pared their bond positions to make room for this week's federal and corporate supply while others reduced their safe-haven bond holdings in favor of stocks. Furthermore, Oil prices rose, supported by increasing confidence that an OPEC-led production cut aimed at tightening the market would be extended through the rest of 2017 and the first quarter of next year.
Back home, the yields on new 10 year Government Stock were trading 1 basis point higher at 6.80% from its previous close of 6.79% on Tuesday.
The benchmark five-year interest rates were trading flat at its previous close at 6.99% on Tuesday.