LONDON | Thu Nov 1, 2012 6:00am EDT
LONDON Nov 1 (Reuters) - Treasury futures fell on Thursday, unwinding some of the gains seen in the previous session when month-end demand boosted prices, with short-term moves to be dictated by upcoming data.
* T-note futures fell 6/32 to 132-27/32, retracing much of Wednesday's gains, as demand for Treasuries to balance investors' portfolios at the end of the month subsided.
* "It feels like the events that had the market doing so well to finish the month are no longer present so prices are free to drift lower," a trader said.
* The focus for the session falls on economic data that will guide expectations for the week's main release, U.S. non-farm payrolls On Friday. Jobless claims, ADP employment numbers and the Institute for Supply Management manufacturing index are all released later on Thursday.
* Treasuries were expected to rise on any strong sign the nascent recovery in the labour market was faltering, based on the assumption that the Federal Reserve would be more likely to expand its asset buying programmes to include U.S. government debt.
* However, despite liquidity improving after a subdued session on Wednesday following two days when markets were closed to superstorm Sandy, traders said investors were still reluctant to take large positions heading into presidential elections on Tuesday.
* The election has a range of possible outcomes that affect how likely the U.S. government is to avoid running into a wave of mandated spending cuts that could crush the country's stuttering economic growth - the so-called 'fiscal cliff'.
* Rabobank strategist Philip Marey said markets were optimistic policymakers would act in time to find a way around the cuts, leaving Treasuries susceptible to a sharp rally if the election produced a "recipe for disaster in terms of the fiscal cliff".
* "As a precaution I think it would be wise to keep on buying U.S. Treasuries," he said.
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