U.S. Treasurys yields rose on Tuesday after traders reconsidered recent bullish bets on U.S. bonds on nervousness ahead of Thursday's closely watched U.S. jobs report.
The yield on 30-year Treasury bonds hit a near one-week high of 3.40 percent on fears bullish positions could lead to losses if the U.S. government reports stronger-than-expected non-farm payrolls later this week.
"You certainly want to protect your profits going into the big number, especially if you had the winner for the year,'' said Ellis Phifer, market strategist at Raymond James in Memphis, Tennessee, in reference to traders taking profits on 30-year Treasury bonds.
Long-dated Treasurys have notched the biggest gains this year, with the Barclays U.S. Treasury: 25 plus-year index rising 13.4 percent in the first half.
Economists expect Thursday's jobs report to show U.S. employers added 212,000 jobs in June, down from 217,000 in May, according to a Reuters poll.