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The pound rallied from the lowest in almost two weeks against the euro after the Bank of England refrained from expanding economic stimulus that tends to devalue the currency.
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U.K. government bonds were little changed after the Bank of England left its asset-purchase target at 375 billion pounds ($565 billion) and kept its benchmark interest rate at a record-low 0.5 percent.
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Hedge funds are the most bullish on 10-year Treasuries since 2007, betting the U.S. economy is too fragile for the Federal Reserve to stop buying bonds even as the jobless rate drops to the lowest in four years and household wealth climbs.
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Investec Asset Management has reduced its holdings in risk assets on a so-called tactical basis amid signs the market is starting to look overbought and may soon consolidate.
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Central banks are digging deeper into their tool kits in search of innovative ways to unclog bank lending and keep a weakening world economy afloat.
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Greece risks having to restructure its debt even with an extension in terms of the loan repayments by the European Union as the economy remains mired in recession.
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Investec Asset Management said it’s selling government bonds and betting U.S. interest rates will rise as concern economic growth is faltering is “overdone.”
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U.K. government debt investors are gaining confidence in Prime Minister David Cameron’s plan to tame a budget deficit that the world’s biggest bond-fund manager described as a “bed of nitroglycerine.”
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This year’s rally in Treasuries has pushed yields so low that a Federal Reserve measure of risk shows U.S. government securities are too expensive.
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The U.K. will raise 6 billion pounds ($9.3 billion) selling inflation-linked securities today, pricing the debt at the same yield as a similar issue after government changes to indexing rules failed to dissuade buyers.
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