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During the first half of 1990, Swiss government bonds yielded a local currency return of -1.6%; however, the Swiss franc rose by 8% against the
During the first half of 1990, Swiss government bonds yielded a local currency return of -1.6%; however, the Swiss franc rose by 8% against the dollar over this six-month period. Corresponding figures for France were 1.8% and 2.6%. Which bond earned the higher U.S. dollar return?
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