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The US treasury auctioned off $13 billion of 20 year bonds:
AUCTION GRADE:D+
Although better than the last months auction in comparison to the six-month averages, the selection was still weak. The only bright spot was that domestic bidders were higher than the six-month average. International buyers were well below the six-month average and dealers were saddled with more than the average as well. The bid to cover was marginally lower than the six-month average which required a positive tail for the second consecutive month of 1.6 basis points.
This comes even with yields higher by 55 basis points from last months auction at 4.04%.
This article was written by Greg Michalowski at www.forexlive.com.
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