Default argument of type float = gibberish

I have some trouble using a default argument of type float:

#include <wchar.h>
#include <iostream>

template<typename T>
void fun(T t = 1e-05);

template<typename T> inline
void fun(T t)
{
    std::cout << t << std::endl;
}

int wmain(int argc, wchar_t* argv[])
{
    fun<float>();

    _getwch();
    return 0;
}

It prints -1.36867e-033 instead of the equivalence of 1e-05. What is going on here?

I'm using VC++10.

EDIT1:

Thank you all for your replies. But casting the default argument doesn't work in the following case:

template<typename T>
void fun(T t = static_cast<T>(1e-05));

template<typename T> inline
void fun(T t)
{
    std::wcout << t << std::endl;
}

int wmain(int argc, wchar_t* argv[])
{
    fun<double>();
    fun<float>();

    _getwch();
    return 0;
}

So this is definitely a bug and worth reporting?

EDIT2:

Reported this issue to Microsoft