US treasury to auction off $46 billion over 3 year notes at the top of the hour

<p>The U.S. Treasury will auction off $46 billion of the 3 are not at the top of the hour. The key components of the previous and the 6 month averages of those components are found below. Traders will use the six-month averages to gauge demand from domestic/international investors.</p><ul><li>High Yield:<ul><li>Previous: 4.660%</li><li>Six-Auction Average: 4.217%</li></ul></li><li>Tail:<ul><li>Previous: 1bps</li><li>Six-Auction Average: -0.6bps</li></ul></li><li>Bid-to-Cover:<ul><li>Previous: 2.75x</li><li>Six-Auction Average: 2.79x</li></ul></li><li>Dealers:<ul><li>Previous: 20.2%</li><li>Six-Auction Average: 14.8%</li></ul></li><li>Directs: (a proxy for domestic demand)<ul><li>Previous: 22.1%</li><li>Six-Auction Average: 19.0%</li></ul></li><li>Indirects: (a proxy for international demand)<ul><li>Previous: 57.7%</li><li>Six-Auction Average: 66.2%</li></ul></li></ul>

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