Dollar Nears Seven-Month Low as Yen Rallies, US Buybacks and Inflation in Focus

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The dollar neared its lowest in nearly seven months as the yen rallied, with traders looking ahead to the US Treasury's buyback announcement and inflation data later this week. The Bloomberg Dollar Spot Index fell as much as 0.2% on Wednesday, approaching its weakest since February 18, led by a 0.5% gain in the yen, which has risen about 4% this month. Treasury Secretary Scott Bessent challenged traders to test his resolve on strengthening the yen, saying he now makes market calls with inside information, and he is set to reveal the size of an expanded buyback program aimed at restraining US bond yields. The Treasury is expected to announce the size of Thursday's operation to repurchase outstanding 10- to 20-year securities, with Jefferies' Mohit Kumar suggesting the first operation could exceed $4 billion and possibly reach $8 billion to $10 billion, though JPMorgan researchers say further details may not be provided. Traders are also focused on Friday's US inflation data, which could shape expectations for the Federal Reserve's policy decision next week, with money markets pricing about a 60% chance of a quarter-point rate hike.

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