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At $25 billion, this was a record-sized bond auction and the second dose of long-dated supply this week. Yesterday’s 10-year sale was digested well and yields rose 7 bps today ahead of the 30-year auction.

However the demand at the sale was healthy and benchmark 30s are quickly down to 4.35% with the rest of the curve also moving down around 2.5 bps in sympathy. The US dollar is also down on the kneejerk.

  • Bid to cover 2.40 vs 2.37 prior

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

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