Dollar fell to a three-month low after the U.S. Treasury increased the size of
long-term Treasury repos, ING strategist Chris Turner said, lifting market risk
appetite. Turner said the move indicates Treasury secretary Bessent is willing
to act to curb rising long-term borrowing costs, reducing a key summer downside
risk for risk assets, weakening the dollar's safe-haven bid and supporting
emerging-market currencies; the dollar index hit 98.708 and, if risk assets
continue to rise on further Treasury intervention, could slip toward 98.65.
