3-Year Note Auction comes in at 4.474%

The US Treasury’s 3-Year Note Auction settled today at a high yield of 4.474%. No consensus figure was available for this release, so the actual outcome did not carry a surprise element against market expectations.

Following the release, the US Dollar showed a mixed, generally weaker, reaction against major currencies in the initial 15 minutes. AUDUSD rose 2.4 pips, EURUSD gained 2.5 pips, GBPUSD was up 1.9 pips, and NZDUSD climbed 3.9 pips. USDCAD fell 1.7 pips, USDCHF dropped 2.6 pips, and USDJPY declined 2.6 pips. Gold, XAUUSD, moved up 12 pips. Compared to historical data, these initial moves are generally small. For instance, AUDUSD’s median 1-hour move after similar past releases is 4 pips, and a top-quarter move is 7+ pips. EURUSD typically sees a median 1-hour move of 5 pips. GBPUSD’s median 1-hour move is 7 pips, and NZDUSD’s is 3 pips. USDCAD’s median 1-hour move is 6 pips, USDCHF’s is 4 pips, and USDJPY’s is 5 pips. XAUUSD’s median 1-hour move is 12 pips.