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Weekly Focus: Squaring Positions

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At 0.69% the 2-year US bond yield is only 5bp from the low point during the crisis reached a year ago. 3-Month t-bill rates are again trading around 0%. Mainly two factors are behind this development. First of all, investors and banks are most likely reducing risk towards year-end putting… Read More...

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November 22nd, 2009 at 4:30 am

Trichet Tempers European Rate Rally

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Apart from giving the euro a slap in the face Jean Claude Trichet’s remarks about wrapping up the cheap loans awarded to the European banking system a year ago tempered the recent rally in European interest rate futures this morning. One has to be careful where to go with the… Read More...

Bernanke Sees Headwinds for US Recovery

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EUR-USD was over 1.49 for most of the week, despite the fact that the majority of US indicators turned out weaker than expected, which, according to the pattern of the last few weeks, should in fact have had a dampening impact. In addition, Fed president Ben Bernanke revealed that he… Read More...

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November 22nd, 2009 at 4:30 am

Weekly Market Commentary

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Stock indices should drift through to year-end, but not collapse. FX will continue to consolidate, as should most commodities, with a tendency for the Yen to strengthen slightly and for the US dollar to weaken medium term. Longer-dated Treasury yields will move lower as investors realise that ultra-low official target… Read More...

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November 22nd, 2009 at 4:30 am

Petitioning China

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President Obama’s trip to Asia is one part introduction, one part diplomatic dialogue and eight parts competitive economics. Whatever agreements are met with leaders of Japan, and South Korean or communiqués are issued from the Asia-Pacific Economic Cooperation Conference (APEC) in Singapore, it is the visit to Beijing that matters…. Read More...

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November 22nd, 2009 at 4:30 am