- Prior was 4.478%
- Bid to cover 2.40 vs 2.66 prior
There is some historical precedence for a soft auction as only 20% of 5-year auctions managed to stop through
when the sale occurred on the same day as a 2-year auction, according to BMO. I think the market was likely braced for that so this is a great result. The two-year sale earlier tailed by 0.1 bps.
This article was written by Adam Button at www.forexlive.com.
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