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USD/JPY: Dollar holds gains post 20-year auction and Beige Book
The dollar is holding onto most of its gains as the surge in Treasury yields stalls after a historic bond market slide. A 20-year bond auction saw strong demand, bucking the tepid demand we saw last week. This auction was awarded at 5.245%, which is 65 bps more than what happened in September. Investors are still buying bonds, but geopolitical risks and US deficit concerns, along with a potential government shutdown could keep yields rising. Beige Book: The Beige book showed business are struggling to pass on costs to the consumer. Economic weakness is happening, but that will only be more noticeable if we see a ... (full story)