Treasuries Finish Lower
The 13th was not a lucky day for Treasuries or equities Friday, with another overnight wave of hedge fund dollar liquidation disconcerting to the U.S. markets. Both asset classes shrugged off a deeper than expected decline in headline (-0.4%) and core (-0.3%) PPI, an additional drawdown in the inventory to sales ratio to 1.36 months and larger than expected U. Michigan consumer sentiment rise to 87. Symptomatic of rising U.S. risk aversion and thinning markets, the trade-weighted dollar set a fresh 2-year low below 104, while gold tested 3-year highs above $335/oz.
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