The dollar is stable in the wake of the largest-ever auction of 2-year notes. The Street swallowed all $38 bln of them at an average yield of 0.92%. There has been lingering concern in recent weeks that the US will have trouble selling all the depbt that is destined to come to market. My take on that is that months down the road when markets free-up, there could be problems. Right now, the US government is the only game in town amid risk-averse markets.

EUR/USD trades at 1.3935 and USD/JPY at 90.15.