Australian Dollar Climbs to 71.4 US Cents as US Treasury Buyback Fails to Lift Greenback
Updated
Updated · ABC News · Aug 21
Australian Dollar Climbs to 71.4 US Cents as US Treasury Buyback Fails to Lift Greenback
3 articles · Updated · ABC News · Aug 21
Summary
The Australian dollar rose 0.4% to about 71.4 US cents in Asia trade, extending gains as investors kept selling the US dollar.
US dollar weakness deepened after traders judged the Treasury's bond buyback plan a temporary fix for surging yields and worried about a more interventionist policy approach.
The Treasury said it would spend more than double the expected amount on bond repurchases, and Secretary Scott Bessent signaled he could increase them further.
That response has coincided with a global bond sell-off, leaving the greenback on track for a weekly loss while Wall Street fell and gold gained 1.0% to $4,566 an ounce.