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The first of 3 coupon auctions for the week will start today at 1 PM when the US treasury auctions off $58 billion of 3-year notes. The treasury will auction off 10-year notes tomorrow and 30-year bonds on Thursday.
The note auction success (or failure) will be judged by the results vs the 6 month averages of the major components.
Last month the 3 year auction went near the averages.
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High Yield:
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Previous: 3.81%
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Six-auction average: 4.3m
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Tail:
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Previous: -0.2tps
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Six-auction average: 0.1bps
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Bid-to-Cover:
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Previous: 2.55x
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Six-auction average: 2.56x
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Dealers:
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Previous: 15.4%
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Six-auction average: 16.4%
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Directs (a measure of domestic demand):
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Previous: 20.3%
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Six-auction average: 18.8%
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Indirects (a measure of international demand):
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Previous: 64.4%
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Six-auction average: 64.7%
This article was written by Greg Michalowski at www.forexlive.com.
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