The $39 billion reopening of 10-year notes was a strong one today, stopping through by 1.6 bps. The bid to cover was 2.7x vs 2.54x on average in the past 10 sales.
Direct bids were high at 19.5% compared to 15% on average while the dealer bid was light.
Yields and the US dollar ticked lower afterwards but the reaction has been smaller than you would expect.
This article was written by Adam Button at www.forexlive.com.
