Bond Outlook [by bridport & cie, January 10th 2007]
Recently we have been arguing that the current rising trend for interest rates applies even to the USA (some months now of no change, followed by a modest rise). This week the currency markets swung in favour of that outlook, leading to a recovery in the USD/EUR exchange rate. This does not change our view of the secular decline in the USD, and stresses how much its exchange rate depends on perceived relative interest rates. |
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