Where will real money land?
The US is raising $38B today via a 10-year auction at 1 pm ET. The bond market has been driving the bus in FX since the Georgia runoff and is increasingly driving it across broader markets.
Rates are up 3 bps and there’s no real barrier to a continued grind higher.
Interestingly though, there’s no follow-through in the US dollar today. I’ll be watching that closely.