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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.
Skepticism is the first step on the road to truth. -- Denis Diderot
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