Bond Outlook [by bridport & cie, November 23rd 2005]
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The current oscillations of the USD against the EUR seem very directly linked to relative yields, with the slight rider that talk of changes in interest-rate policy is enough to move markets. As we write, the EUR has moved up a little as a result of Fed minutes suggesting that a steady increase in the Fed rate to 5% in early 2006 can no longer be taken for granted; 4¾% is mooted as the likely ceiling. |
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