Reaction to the proposals was seen first in Asia, where market participants sold securities during overnight trading.

The low was 12010/32 , but that was in overnight trading.

And the dollar, after steadying in overnight trading, fell against the German mark.

Treasury securities rose, pushed higher by foreign buying in overnight trading.

Prices of all securities weakened during overnight trading overseas, as market participants took some profits.

And the early reaction to the speech was positive, as prices moved higher during overnight trading in Asia.

The dollar opened weaker during overnight trading in Tokyo, particularly against the mark.

Bond prices came under pressure early in the day after the dollar fell in overnight trading.

Typical overnight trading is $3 billion; yesterday morning it was $11 billion.

Prices began to firm during overnight trading, as the dollar began to inch higher.