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Tuesday 02nd of December 2008
November 21, 2006

Bond yields up ahead of US holiday


by Elaine Frei

Yields were up on government bonds on Tuesday as trade remained light ahead of the four-day Thanksgiving Day weekend in the United States. US Treasury bonds were nearly unchanged by midday in New York, with the two-year bond adding 0.4 basis points to a yield of 4.783 percent, while ten-year issues were even, yielding 4.599 percent.

In the Eurozone, the two-year Schatz was 4.1 basis points higher, yielding 3.699 percent. The ten-year Bund gained 0.5 basis points to 3.718 percent.

Meanwhile, in the UK, a new manufacturing survey from the Confederation of British Industry showed a stronger than expected recovery in the sector. While the numbers were still in negative territory, order books were up to -6 in November after having been at -20 in October. While some analysts maintained that the recovery was not as strong as it seemed, others see the new data as supporting another rise in UK interest rates.

The two-year gilt added 1.1 basis points to yield 4.974 percent late in the London session. The 10-year gilt was up 1.3 basis points to 4.552 percent.

Yields were also up in Japan after an official of the Bank of Japan was quoted as saying that there is still a possibility of an interest rate hike in December. The two-year Japanese government bond was 2 basis points higher to 0.800 percent.

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