Expectations in the bond market have been high, thus any disappointment over the auction (particularly with the level of foreign participation) could put the dollar under renewed pressure.
More Quotes from Ian Stannard:
Failure to meet market expectations here will reinforce the market perception that the peak in US rates is clear, putting the dollar under renewed pressure.Ian Stannard
It's just a little bit of a correction on the yen front. The Nikkei (stock market average) was down quite sharply overnight but everything points to a stronger yen still developing.
Ian Stannard
The sentiment is turning dollar negative -- probably the biggest factor putting the dollar under pressure is the rise in oil prices and rise in gold prices.
Ian Stannard
The PCE deflator will be extremely important today. The market looks at this very much as one of Fed's main indicators. If it's strong the market will not only be looking for a rate hike at this meeting but next time around as well.
Ian Stannard
The euro is under pressure already today and this is adding to its problems.
Ian Stannard
There is quite a big contrast between the political situation in Japan and Germany and investors are looking to play on that contrast.
Ian Stannard
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