According to ChainCatcher, Pepperstone analyst Chris Weston stated that the yield on the 30-year U.S. Treasury bond has risen to its highest level since the end of 2023, with investors focusing on the upcoming Treasury auctions.
The U.S. will auction $69 billion in two-year Treasury bonds, $70 billion in five-year Treasury bonds, and $44 billion in seven-year Treasury bonds. Weston noted that strong demand in the auctions could alleviate market anxiety, leading to a decline in yields and a rise in the dollar.
However, if demand is weak, particularly from foreign institutions, concerns about U.S. debt issues could arise, resulting in rising yields and a weakening dollar.