The two and five year auctions have come and gone and $75 bln has been raised with relative ease. Indirect (or central bank) bidding has been very strong at both auctions, so fears of the Us not being able to fund deficits should subside for the near-term.
EUR/USD trades now at 1.3936 and USD/JPY at 95.00. Cable remains the star, at session highs of 1.6085.
