The US Treasury is shoveling another $24B into the fire raising $24 billion in a 10-year auction. The results are out at the top of the hour.
The WI market is forecasting a yield at 2.625% — slightly below the July 10 rate of 2.67%. An unexpectedly high yield could boost USD/JPY while a lower yield could weigh. It would take more than a 1bps miss to get things moving.
There is some chatter about a soft auction (higher yields) but there is also talk about strong Japanese demand.
