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The Canadian bonds slid on Friday, following rally in the crude oil prices. Also, investors await first quarter consumer inflation data for further direction. The yield on the benchmark 10-year Treasury note which moves inversely to its price rose 1-1/2 basis points to 1.124 percent and the yield on the short-term 2-year bonds also jumped 1 basis point to 0.523 percent by 11:00 GMT.
The Canadian bonds have been closely following developments in oil markets because of their impact on inflation expectations, which are well below the Bank of Canada's target. The International benchmark Brent futures rose 2.52 percent to $48.38, the West Texas Intermediate (WTI) climbed 1.77 percent to $47.03.
A British member of parliament, Jo Cox, was shot dead on Thursday, resulting in the suspension of campaigning for next week's referendum on the country's EU membership. Cox was one of the members of parliament advocating continued British membership.
Fed's Bullard said that under current conditions, the U.S may need no more than 1 rate hike over the next 30 months or more.
On Wednesday, the Federal Open Market Committee left fed funds rate unchanged in a 0.25-0.50 percent range, as expected. One key highlight of the statement was the note that the pace of improvement in the labour market has slowed while growth in economic activity appears to have picked up, adding that although the unemployment rate has declined, job gains have diminished.
Also, FOMC diminished outlook for growth coupled with largely downgraded forecasts for the overnight rate, though median expectations remain unchanged for 50 basis points worth of tightening in 2016.
Lastly, Canadian stock futures pointed to a higher opening for Canada's main stock index on Friday, ahead of the inflation data. Canada's annual inflation rate is expected to have fallen to 1.6 percent in May, comfortably below the Bank of Canada's 2 percent target. The data is due at 11:30 GMT. September futures on the S&P TSX index were up 0.25 percent at 11:00 GMT.
