A fairly quiet week from the auction calendar picks up next week in the US with the US treasury selling 2, 5, and 7 year notes:
- $44 billion of two-year notes on August 23
- $45 billion of 5 year notes on August 24
- $37 billion and 7 year notes on August 25
US 5 year yield
US yields are lower today. The 5 year note is trading at 2.996%, that's down 5.5 basis points on the day. Looking at the hourly chart, the move to the downside tested its 100 hour moving average at 2.976%. Just below that level is a 38.2% retracement of the move up from the most recent swing low from August 10 at 2.971%.
Holding the technical levels could be a catalyst for a rotation back to the upside
