U.S. Treasury auctions off $42 billion of 2-year notes at a high yield of 4.823%

<ul><li>High-yield 4.823%</li><li>WI level at the time of the auction 4.82%</li><li>Tail 0.3 basis points versus six-month average of 0.1 basis point tail</li><li>Bid to cover 2.78X versus six-month average of 2.74X</li><li>Dealers 13.8% versus six-month average of 17.1%</li><li>Directs 20.8% versus six-month average of 19.9%</li><li>Indirects 65.5% versus six-month average of 63.0%</li></ul><p>This is a tad soft but hasn't given any kind of lift to USD/JPY.</p>

This article was written by Greg Michalowski at www.forexlive.com.