For the second day in a row we got a good auction at the long end with a 2.6 bps stop through today after a big concession in the past few hours.
It was a $22b sale and the bid-to-cover was 2.43 vs 2.37 previously.
Unlike yesterday, there also wasn’t any sign of waning foreign participation. Directs claimed 25.8% vs. a
18.1% norm, dealers took 12.3% vs. a
14.6% average and indirects were at 61.9% vs. an average of
67.3%.
This article was written by Adam Button at www.forexlive.com.
