$37 bln 5-year notes were sold at a yield of 1.70%. The bid-to-cover was 2.58/1 and indirect bids (those from central banks and the like) bought 60% of the auction. Still no sign of trouble for the Treasury as it sells trillions in Treasuries this year.
EUR/USD is consolidating in the 1.3985 area after slipping as low as 1.3950 on USD/CHF buying by the SNB in thin pre-FOMC markets.
