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US Treasury Yields Come Back Softer After Moody's Cut Outlook, and the Dollar Rises to New Highs Against the Yen
The dollar is beginning the new week narrowly mixed against the G10 currencies. Sterling seems largely unaffected by the cabinet reshuffle that has seen former Prime Minister Camron return as the foreign minister, replacing Cleverly who replaces Home Secretary Braverman. The dollar rose to new highs for the year against the Japanese yen (~JPY151.85). The market has shown little reaction to the pre-weekend news that Moody's cut the outlook for US credit to negative from stable. The 10-year US yield is off almost three basis points to 4.62%. European benchmark yields are off mostly 2-3 basis points, but Italy's yield ... (full story)