- Prior was 4.701%
- Bid to cover 2.42 vs 2.67 prior
The 1.7 bps tail is a surprise and should help to underpin the US dollar, though it’s tough to make a move ahead of more supply. This will make the market jittery ahead of the 10-year reopening in 90 minutes.
Yields across the curve have moved up in sympathy.
If the 10-year sale is also soft, it could be an indication that real money doesn’t believe that rates will be cut so quickly.
This article was originally published by Forexlive.com. Read the original article here.