ING’s Chris Turner, Francesco Pesole and Frantisek Taborsky argue that recent US Treasury buy-backs are primarily a signalling tool against high yields, pointing to a softer Dollar in a risk-friendly environment.

DBS Group Research economist Chang Wei Liang notes that the Dollar has firmed slightly as US Treasury yields recover, with DXY consolidating near 99.00 after the US Treasury expanded long-end bond buybacks.

Dow Jones futures gain 0.13% to trade above 52,900 during European hours on Friday. Meanwhile, S&P 500 futures remain up by 0.18%, to trade near 7,680, and Nasdaq 100 futures advance by 0.38% to trade above 29,400.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is holding losses after registering minor gains in the previous day and trading around 98.80 during the early European hours on Friday.

Commerzbank’s Volkmar Baur notes the US Dollar remains under pressure as EUR/USD trades around 1.17 following the US Treasury’s expansion of its Liquidity Support Buyback Operations.

The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, attracts fresh sellers during the Asian session on Friday, stalling the previous day's modest bounce from the vicinity of mid-98.00s, or the lowest since May 14.

Wednesday bought the bond market one session of calm and the Dow Jones Industrial Average spent Thursday paying for it with interest.

The US Dollar Index (DXY) is hovering near 98.90, still short of 100.00, but grinding higher on Thursday. Hawkish commentary from Federal Reserve Bank of St.

The Dollar Index has spent Thursday building a floor just above 98.50 and defending it with everything the calendar had to offer, and the entire effort is worth roughly a tenth of a point.

The Dow Jones Industrial Average trades near 53,050, more than 400 points lower on the session, after two of the strongest American data points of the month arrived in the same 12:30 GMT block and were sold on delivery.

Scotiabank strategists Shaun Osborne and Eric Theoret note the US Dollar (USD) is extending losses to its weakest level since mid-June as markets react to the US Treasury’s decision to double bond buybacks.

The US Dollar (USD) has extended its decline following the US Treasury’s unexpected decision to double its long-end bond buybacks, an intervention designed to push down long-term borrowing costs.

DBS Group Research strategist Chang Wei Liang notes ongoing Dollar weakness after the US Treasury unexpectedly doubled long-dated bond buybacks, pushing DXY below 99.

Brown Brothers Harriman (BBH) notes that US long-term Treasury yields have retraced most of their decline following the Treasury’s expanded buyback announcement, while the US Dollar (USD) remains under pressure.

MUFG’s Derek Halpenny and Abdul-Ahad Lockhart highlight that the US Treasury’s unscheduled expansion of long-end buybacks triggered the largest daily US Dollar drop since March outside intervention episodes.

UBS' chief economist Paul Donovan notes that the United States (US) Treasury’s plan to at least double purchases of long-term US government bonds triggered a rally, pushing 10-year yields down to levels seen a week ago.

Dow Jones futures inch lose 0.11% to trade around 53,470 during European hours on Thursday. Meanwhile, S&P 500 futures remain inching lower by 0.06%, trading near 7,720, and Nasdaq 100 futures remain steady around 29,520.

MUFG’s Lloyd Chan notes the US Dollar weakened after US Treasury Secretary Bessent announced a major expansion of long-dated Treasury buybacks, which pushed long-end yields lower.

OCBC strategists Sim Moh Siong and Christopher Wong say the Dollar has weakened to its lowest level since May as expanded Treasury buybacks pushed long-end US yields lower.

The US Dollar (USD) took a beating on Wednesday after US Treasury Secretary Scott Bessent announced a plan to buy back long-term government debt to ease Bond yields.

ING’s Chris Turner notes that US Treasury buy-back operations and a drop in longer-dated yields have supported equities and weighed on the Dollar.

The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, currently trades near 98.80 in the early European trading hours on Thursday.

The Dollar Index closed Wednesday 0.86% lower just beneath 98.80, its weakest close since mid-May, and it closed on the session low. The document that did the damage was not a central bank document.

The Dow Jones Industrial Average trades near 53,600 on Wednesday, more than 230 points and 0.44% higher, and none of that gain is about earnings, growth or the Federal Reserve.

The US Dollar Index (DXY) comes under fresh selling pressure on Wednesday as longer-term US Treasury yields fall sharply following the Treasury Department’s decision to expand its buyback operations.

BNY’s Geoff Yu highlights that international investors are aggressively cutting Dollar exposure as real-yield support erodes following the July FOMC meeting. The bank sees the Dollar decline as a normalization of previously extreme U.S. asset holdings rather than a collapse in U.S. exceptionalism.

MUFG’s Derek Halpenny highlights how elevated US Treasury yields and rising mortgage rates are beginning to weigh on the US housing market, with Housing Starts and Pending Home Sales softening.

Dow Jones futures inch higher 0.06% to trade around 53,440 during European hours on Wednesday. Meanwhile, S&P 500 futures remain steady near 7,710, and Nasdaq 100 futures edge lower 0.03%, trading near 29,580.

The US Dollar (USD) trades lower against its major currency peers on Wednesday ahead of the Federal Open Market Committee (FOMC) minutes of the July policy meeting, which will be published at 18:00 GMT.

ING’s Chris Turner notes that the Dollar remains supported by higher energy prices and long-end US yields, but FX volatility is still low, favouring carry trades.