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Traders expected good U.S. and foreign...>

US TSYS/3Y
US TSYS/3Y: Traders expected good U.S. and foreign demand at 1pm ET US$24B 3Y
note auction, which was expected to draw a 1.535% to 1.537% rate. Traders
anticipated also good Japanese and Chinese buying. 
- Japanese accts feel the US economy will bump along near-term so the Fed may be
on hold, so they are buying reportedly including Japanese Post Bank (Kampo) and
mega-banks, said traders. Japanese accounts did good buying in Tsys in the most
recent week as Japanese MOF data showed net buyers of foreign bonds of Y106.70
(US$9.6B). 
- Chinese demand also is expected at the auctions. The China foreign exchange
reserves and their Treasuries holdings are both growing, said traders, and "they
tend to buy the whole curve" in Treasuries, taking a dollop at each maturity.
But big Asian central banks also esp. like the 2Y, 3Y Tsys too. 
- Others expected European demand since Treasuries are cheap to European debt as
offer more yield to yield-starved investors. 
- HISTORY: The July 2017 3Y auction drew a 2.87 bid/cover, 1.573% yield, 52.6%
indirects, 0.85% directs, 37.6% dealers.

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