Bond Outlook [by bridport & cie, November 2nd 2005]
How the world has moved on from just a couple of months ago when Asian Central Banks were sustaining the dollar and keeping the yield on the 10 year US bond down. They have now reduced their purchasing, not so much because they have a sudden aversion to the dollar, but because private flows into US bonds of all types are attractive at the higher yields. Manufacturing is proving a lot more resilient in the USA, the UK and the euro zone. |
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