FX Files – Sell Dollars

FICC Strategy Reports

The greenback continues to weaken as the market questions the credibility of yesterday’s unanticipated move by the US Treasury to ‘at least double’ the purchases of its long term debt. This pivots away from the US Department of Treasury’s existing strategy of being ‘regular and predictable’, a phrase used by Bessent as recently as his November 2025 speech. We suspect that the market will be more accustomed to further interventionalist action given the growing list so far:

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