Dollar Dives as Treasury Boosts Bond Buybacks

The U.S. Dollar Index has plummeted under strong pressure as the U.S. Treasury announced it would boost buybacks of longer-dated government debt.

This move caused a sharp decline in the yield of 30-year Treasuries, which pulled back towards the 5.20% level, while the yield of 10-year Treasuries declined below the 4.67% level.

The American currency is losing ground as debt buybacks pushed longer-term yields lower, with the nearest support level for the U.S. Dollar Index located in the 98.60-98.75 range.