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1、The dilemma between rising Treasuries Yield and a weaker US DollarQuarterly Global Outlook 3Q 2025Executive SummaryThe dilemma between rising Treasuries Yield and a weaker US DollarGDP Growth TrajectoryFX,Interest Rate&Commodities ForecastsKey Events In 3Q 2025FX StrategyWill the USD crisis of confi

2、dence persist in 2H25?Rates StrategySoft SG rates continue to diverge from sticky US ratesCommodities StrategyOn-going global trade tariff uncertainty continues to favor Gold over LME Copper and BrentFX TechnicalsCommodities TechnicalsGlossaryGroup Research Team0412131415222748545657CONTENTNew Zeala

3、ndUnited StatesUnited KingdomOutlook by EconomiesClick on the economy to view insightEurozoneAustraliaJapanChinaVietnamSouth KoreaHong KongTaiwanPhilippinesSingaporeIndiaIndonesiaMalaysiaThailand .sg/researchGlobalEcoMktResearchUOBBloomberg:NH UOB Information as of 04 June 2025Research InsightsExplo

4、re moreContact usUOB Global Economics&Markets ResearchQuarterly Global Outlook 3Q20254The dilemma between rising Treasuries Yield and a weaker US DollarSince Liberation Day on 2 Apr,global investors have grappled with two key concerns in the FX&Rates markets that are inter-related and are of increas

5、ing significance to financial markets worldwide.“Dollar depreciation leads to higher inflation and ultimately forces foreign creditors to question their rationale and indeed their sanity for continuing purchases of US Treasuries.”Bill GrossEXECUTIVE SUMMARYThere has been a noticeable rise in LT bond

6、 yields since Liberation DaySource:Bloomberg,UOB Global Economics&Markets Research2.02.22.42.62.83.03.23.44.04.24.44.64.85.05.25.45.65.8Dec 24Jan 25Feb 25Mar 25Apr 25US 30Y Yield(%)UK 30Y Yield(%)Japan 30Y Yield(%)-RHSUOB Global Economics&Markets ResearchQuarterly Global Outlook 3Q20255First key con