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There's a sense that the US crisis is done with for now. S&P downrated, but the others won't - so the dollar is a safe haven - and there's a lot of money trying to get out of the Eurozone before it crumples...
No dramatic movement.
People are moving from the euro and dollar to the Yen:
to the Yen.
So if people are moving out of the euro or dollar they are parking their money in the Yen or the capitalist paradise of Sweden. :-)
Thus, I think it's safe to claim the price rise of US Treasury instruments, and the resulting decline in their interest rates, is people moving within the dollar.
One thing that may also bear on this is we're hearing, in the US, there are trillions of dollars owned by US corporations being held outside the US because they don't want to pay the repatriation tax. Buying Treasuries is as good a place as any to park it until they decide what to do.
She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
Austerity can only be implemented in the shadow of a concentration camp.
So 1 used to buy SEK 9, and now it's buying SEK 10.
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