The US treasury will auction off three year notes at the top the hour. The auction success or failure will be judged against the six-month averages of the major components:

  • Tail 0.0 basis points
  • Bid to cover 2.62X
  • Directs (a measure of domestic demand) 16.8%
  • Indirects (a measure of international demand) 67.5%
  • Dealers 15.7%

The last auction high yield came in at 4.30%. The current three-year note is trading lower by around 40 basis points at 3.907%:

Source: Forex Live