Dollar Wobbles on Treasury Buyback Worries
The US dollar slipped on Friday to trade near a three-month low against the euro as concerns grew that the Treasury's plan to expand buybacks of longer-dated government debt could weigh further on the currency.
Treasury Secretary Scott Bessent said he may increase the government's repurchases of Treasuries, which has already been pledged to at least double in size. This move aims to rein in bond yields, but analysts say it will simply shift the burden of fiscal concerns onto the currency.
The dollar index fell 0.05% to 98.79, with the euro up 0.03% at $1.1682. The single currency earlier reached $1.1711, its highest since May 14. Sterling strengthened 0.04% to $1.3635.
Bitcoin surged 6.06% to $77,060 after scaling $79,455, the highest since May 15.