Results of the 5-year Treasury auction
– Prior sale was 1.180%
– Bid-to-cover 2.540
– Prior bid-to-cover was 2.270
– Indirects at 68.7% vs 53.6%
It’s a strong auction overall. Treasury yields had been rising today and helping to underpin USD/JPY but this could halt the move and probably means the intraday high of 100.61 in USD/JPY will hold up. Last at 100.43 but no real reaction to the auction.
