TREASURIES-US government bonds rally as soft labour data points to rate cuts

SINGAPORE, Nov 12 (Reuters) - U.S. government bonds rallied in early Asia trade on Wednesday after a private survey pointed to weakness in the labour market, raising investor expectations for further interest rate cuts.

Benchmark 10-year yields were down 3.1 basis points at 4.0791%, according to data compiled by LSEG. Two-year yields fell 3.1 to 3.5596%.

The Treasury market had been closed on Tuesday for Veterans Day. Yields fall when bond prices rise.

U.S. firms were shedding more than 11,000 jobs a week through late October, payroll processor ADP said on Tuesday in its latest real-time estimate of job market trends.

"Any further labour market weakness could push the Fed to increase its rate cuts," said analysts at ANZ Bank.

Expectations for a cut as soon as December firmed very slightly overnight, according to CME's FedWatch tool.

Policymakers and investors have been flying blind for a few weeks as the U.S. government shutdown has halted data publication. Congress is moving toward approving a reopening deal and investors expect that September payrolls may be among the first sets of delayed data to be published.

(Reporting by Tom Westbrook; Editing by Sherry Jacob-Phillips)