US will sell $24B in 30-year bonds at the top of the hour
The US dollar is at the lows of the day against the pound, yen and Canadian dollar. The USD softness is also helping the euro to recoup the entirety of the ECB losses and it’s now higher on the day.
Yesterday’s sale of 10s came with a strong bid that halted the dollar’s advance and the broader rates market is higher across the board (particularly in Europe) with US 30’s currently down 2 bps to 1.930%. This is a reopening of that on-the-run bond so that’s a good point of reference for what’s expected.
USD/JPY is down 52 pips to 109.71. Zooming out, we’ve been stuck in this range for what feels like forever as the market struggles to sort out what the post-pandemic economy will look like.
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