Results of the $23 billion, 10-year auction

  • Wide spread in the WI market ahead of the sale with 2.375% on the ask
  • Prior was 2.332%
  • Bid-to-cover 2.33 vs 2.48 prior

So it's a big tail, or a bigger tail depending on how you want to look at it. That's the second day in a row.

USD/JPY immediately 10 pips higher.