US treasury to auction off $48 billion of two-year notes at the top of the hour

<p>The U.S. Treasury will auction off $48 billion of two-year notes at the top of the hour. Some of the key components six-month averages are below:</p><ul><li>High Yield: The prior auction came in at 5.024% with a six-auction average of 5.085%.</li><li>Tail: Tail last was at -0.4bps with a six-auction average of -0.1bps.</li><li>Bid-to-Cover: The bid to cover was previously at 2.94x with a six-auction average of 3.13x.</li><li>Dealers: The dealer participation was previously at 15.0% with a six-auction average of 16.7%.</li><li>Directs: The level of Directs (domestic buyers) was previously at 20.0% with a six-auction average of 19.8%.</li><li>Indirects: The level of indirect (overseas buyers) was previously at 65.0% with a six-auction average of 63.5%.</li></ul>

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