Later on today, the US Treasury will enliven the day by auctioning a total of $32 billion worth of 10-year notes.
Today, markets are on the edge of their seats in anticipation of the CPI data that will be released tomorrow, which is why the majority of the major currency pairs have been moving laterally.
Will the imminent CPI have an effect on the request for the 10 year note today?
The overall demand can be ascertained by looking at the six-month averages of the major components. This provides insight into:
- Offer to cover 2.35X
- The spread is 2.0 basis points
- Domestic demand is represented by Directs at 18.6%
- International demand is shown by Indirects at 62.0%
- Dealers will have the remaining 19.4%
The most recent auction saw a yield of 3.625% whereas the current 10-year note is being offered at 3.581%.
Prior to the auction, US stocks have seen a decrease in solid gains.
- An increase of 127.15 points, or 0.38%, was seen in the Dow Industrial Average at 33830.10
- The S&P index rose 37.6 points, or 0.70%, and ended at 3946.74
- The NASDAQ index rose 120.24.2 points, or 1.12%, and closed at 10862.56
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