The Treasury's bond purchases fail to resolve fiscal concerns, the US dollar is expected to close lower this week, and investors are turning to safe-haven assets.

智通财经2026/08/21 03:11

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The US dollar weakened on Friday, currently trading near 98.70, down about 0.16%. It has fallen 0.92% so far this week, hitting a near three-month low, as the market believes the US Treasury’s expansion of long-term Treasury buybacks is merely a stopgap measure, failing to effectively curb the bond market sell-off and sparking new concerns over government intervention in markets.
US Treasury Secretary Bessent indicated a possible further expansion of buyback operations and said new fiscal tightening measures would be launched, but the market reaction was subdued. On Friday, the 30-year US Treasury yield rose about 1.4 basis points to 5.25%, while the 10-year yield held steady at 4.70%. The brief relief from the Treasury’s Wednesday announcement to double buybacks has already faded.
Goldman Sachs strategists pointed out that the current issue is increasingly becoming a fiscal problem rather than a technical one, and the effectiveness of yield suppression will diminish as sovereign financing concerns intensify. Commonwealth Bank of Australia currency strategists stated this move could dampen sentiment among US dollar asset investors, prompting more hedging and diversification.
The euro continued its rally, rising 0.17% to approach a three-month high at $1.1697, up about 1.1% this week; the pound rose another 0.15%, nearing a six-month high at $1.3649, gaining 0.86% this week.
US debt surpassed $40 trillion, prompting some investors to turn to alternative assets such as gold. The sustainability of the US Treasury’s buyback measures and whether they can truly ease structural fiscal pressures remain key market concerns.

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智通财经•2026/08/21 03:41

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