Citi Cuts Dollar Outlook as Treasury Buybacks Increase - Briefs Finance
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Citi Cuts Dollar Outlook as Treasury Buybacks Increase Briefs Finance
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Dollar slips to lowest since May as Treasury doubles bond buybacks, what's next?
The dollar's recent decline to its lowest level since May is primarily driven by evolving rates dynamics rather than a singular trigger. The expanded bond buyback initiative by the US Treasury has put downward pressure on medium and long-term yields, complementing market expectations for a more dovish Federal Reserve approach, as highlighted in the analysis by Eamonn Sheridan [source]. Furthermore, the drop in US real yields and heightened inflation expectations are also contributing factors to the dollar's weaker performance. Given that the Fed seems likely to remain on hold in September, there may be continued downside risk for the dollar, especially against the backdrop of supportive eurozone economic indicators and potential policy tightening from the ECB.
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