Archived IMT (2009.01.26)
The past week has witnessed a rise in bond yields that was accompanied by a not-so smooth strengthening in the value of the dollar. Despite the dollars leap to 23-year highs vs GBP, the currency made more modest gains vs the euro while nearing 14-year lows against the yen. The USD's gains were sketchy at best as the rise in bond yields emerged from supply concerns (excessive borrowing) rather than improved economic data. With 10-yr yields at 6-week highs, expect a pullback from further announcements of Treasury-purchases from Wednesdays FOMC, which should further support GOLD and possible boost EUR and GBP.
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