NEW YORK (CNNMoney.com) - Treasury prices edged higher in thin trade Monday as investors struggled for guidance in a session with little economic data on tap.

The dollar fell.

The 10-year Treasury note rose 6/32 to 96-8/32 to yield 4.98 percent, down from 5.01 percent late Friday. Bond prices and yields move in opposite directions.

The benchmark yield surpassed the 5 percent mark on April 13 for the first time since June 2002. The yield on the 10-year note has jumped nearly three quarters of a percentage point in the past three months as investors have bet the Fed might raise short-term rates more than originally expected.

The 30-year bond added 8/32 to 91-10/32 to yield 5.06 percent, down from 5.14 percent the previous session.

The five-year note gained 2/32 to yield 4.89 percent, while the two-year note was up one tick, yielding 4.88 percent.

"There is a little bit of value hunting going on, but also the thoughts are that oil prices, even though they are down a little bit right now, are still extremely high and could negatively impact consumer spending," Mary Ann Hurley, a senior Treasuries trader at D.A. Davidson & Co. in Seattle, told Reuters.

But bond traders mostly turned their attention to Federal Reserve Chairman Bernanke's testimony before a Joint Economic Committee hearing on the economic outlook Thursday.

Bernanke isn't expected to offer many clues on when the Fed might end its now 21-month-old rate-boosting campaign, but investors will be closely watching his comments.

Economists widely expect central bank policymakers to hike rates to five percent at their May meeting, but whether they will pause after that meeting remains unclear.

Also on deck, existing home sales for March and April's measure of consumer confidence are both due out Tuesday, while the closely watched advanced release of first-quarter gross domestic product, the broadest measure of the nation's economic activity, is slated for release on Friday.

In currency trading, the euro bought $1.2404, up from $1.2349 late Friday, while the dollar bought ¥114.46, down from ¥116.65 the previous session.

-- Reuters contributed to this report.

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