FX News
Market-moving events, session conditions, and macro context — written for traders who run systems, not predictions.
Tuesday's 20-Year Auction Settles on Bank of Japan Day. Last Month's Tailed Half a Basis Point.
Treasury's own tentative schedule confirms the 20-year bond auction for Tuesday 15 September, settling Friday 18 September — Bank of Japan day. Last month's $18bn went at 5.204% against a 5.199% when-issued, a half-basis-point tail with 62.93% indirects. Last week's 3-year, 10-year and 30-year all settle Tuesday, the day the FOMC convenes. None of it is on your FX calendar.
The 30-Year Stopped Through by 2.7bp and Dealers Took 2.2%. That Was Not a Buyers' Strike.
$22bn cleared at 5.308% against a 5.335% when-issued — a 2.7bp stop-through, bid-to-cover 2.61 against a 2.38 average, and primary dealers left with a record-low 2.2%. Real money took 97.8% of a thirty-year issue. Yields are not rising because buyers vanished; they are rising because the clearing price of duration moved. Plus the ECB's own projections showing core inflation higher in 2027 than in 2026.
Treasury Sells 10-Year Paper at 17:00 UTC and Starts Buying the Long End Back the Same Day
London took the dollar index below 98.70 this morning and handed it all back by 10:49 UTC. There is no 12:30 UTC release today. The dated event is the 10-year reopening at 17:00 UTC, against a 12 August stop of 4.683% and a cash 10-year at 4.81% — the eighth consecutive auction to clear higher, if it does. And Treasury's enlarged long-end buybacks start the same day.