Bond auction on the agenda
The US Treasury will sell $35 billion in 5-year notes at the top of the hour. They're trading at 2.840% in the when-issued market ahead of the sale. That's about 20 bps higher than last month's high yield of 2.612%.
I think the risks are skewed lower for the US dollar into the sale. If a strong bid arrives (lower yield) expect some USD/JPY selling.
