U.S. Treasury to auction off $48 billion of the 3 year notes at the top of the hour

<p>The U.S. Treasury will auction off $48 billion a 3 or notes at the top of the hour. The WI is currently trading near 4.70%.</p><ul><li>High Yield: Previous rate was 4.74%, with a six-auction average of 4.372%.</li><li>Tail: Previous 1.7 basis points (bps), with a six-auction average of -0.3 bps.</li><li>Bid-to-Cover: Previous 2.56X, with a six-auction average of 2.79X.</li><li>Directs (a measure of domestic demand): Previous 21.9%, with a six-auction average of 19.2%.</li><li>Indirects (a measure of international demand): Previous 56.0%, with a six-auction average of 65.3%.</li><li>Dealers (they take the rest): Previous 22.1%, with a six-auction average of 15.5%.</li></ul><p>Tomorrow, the US treasury will auction off 10 year bonds, and on Thursday they will auction off 30 year bonds.</p>

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