Dollar Tumbles as Treasury Doubles Bond Buybacks

The US dollar took a hit on Wednesday after the Treasury announced it would double its buyback operations for long-dated Treasuries, intensifying selling pressure on the greenback.

This move comes as investors scale back their Fed rate hike bets following a streak of soft US data. The hawkish tone in the FOMC minutes also failed to support the dollar, with officials favoring higher rates if inflation stays elevated.

The precious metal gold took advantage of the dollar's weakness and rose above $4,500, with bulls eyeing the key zone of $4,600.