The US treasury will auction off $70 billion of 5-year notes at the top of the hour. Yesterday, the first of three coupon auctions this week saw strong investor demand for the 2-year notes especially from overseas investors. Indirect buyers were awarded 85% of the auction. To get that amount, they bid -1.1 basis point through the WI level at the time of the auction (which is indicative of strong demand).Today's 5- year note auction will be compared to the six-month averages of the major components.Tail: 0.1 basis pointsBid to cover: 2.40XDirects (domestic demand): 19.2%Indirects (international demand): 68.6%Dealers: 12.3% This article was written by Greg Michalowski at www.forexlive.com.