Results of the Treasury's latest $26 billion sale

  • Bid to cover 3.42
  • Avg bid to cover at previous 10 auctions: 3.42

A touch on the strong side and USD/JPY moved down about 3 pips on the result. Not much to get excited about here but there is definitely some real money demand for bonds.

There's a 5-year sale tomorrow ahead of the Fed.