Dollar Slumps as US Treasury's Rescue Efforts Spark Concern

The US dollar fell to a three-month low against other major currencies on Friday as investors weigh the impact of the US Treasury's rescue efforts.

Treasury Secretary Scott Bessent said he may increase the government's repurchases of longer-dated debt, which has been a surprise move to rein in bond yields. However, analysts say that holding yields down will simply shift the burden of fiscal concerns onto the currency.

The greenback fell 0.01% against a basket of currencies, with the euro up 0.03% at $1.1682 and sterling rising 0.15% to $1.3649.

Bitcoin, seen as an alternative to fiat currencies, continued to surge, reaching its highest level since May 15 at $79,455.