Bonds bleed after a weak auction, USD/JPY climbs higher

<p>Bill Ackman no doubt cheered on the result of today's 30-year auction. He advertised a bond bearish bet last week and price action hasn't been great for him so far.</p><p>That might have changed with weak demand at a $23 billion sale of 30s at an auction today. It tailed by 1.4 bps and that has set off a fresh round of selling.</p><p>The price action has extended across the curve with yields up 6 bps starting with 5s.</p><p>It's also extended into USD/JPY, which is breaking out to a one-month high and within striking distance of the June high of 145.07.</p>

This article was written by Adam Button at www.forexlive.com.