US 3-Year Note Auction on Deck at 1PM ET ...Middle East

Metrics to watch vs 6-auction avg:

Bid-to-Cover: 6-month avg. 2.62x. Total bids received divided by the amount of debt offered. A higher number is an indication of strong demand

Directs: 6-month avg. 18.7%. Domestic US buyers placing bids on their own behalf (e.g., corporations, pension funds, insurance companies). A higher number is indicative of strong domestic demand, while a lower number is weaker demand. .

More ahead:

30-year reopening Thursday

The auction's strength—or lack thereof—could influence rate direction and market sentiment heading into the rest of the week’s supply.

This article was written by Greg Michalowski at www.forexlive.com.

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