Market News
Dollar inches up as markets weigh Iran sanctions, Treasury buybacks - REUTERS
Summary
- Expanded U.S. sanctions on Iran put access to the dollar-based financial system in focus.
- U.S. Treasury efforts to ease pressure on longer-term yields provided some support to government bonds.
- Bitcoin climbed above $80,000 as investors continued the so-called debasement trade.
Dollar Recovers
The U.S. dollar regained some strength on Tuesday as investors assessed Washington's expanded sanctions against Iran and renewed measures aimed at reducing pressure on longer-dated U.S. Treasury yields.
Cryptocurrencies, meanwhile, extended their rally amid concerns about the long-term purchasing power of traditional currencies.
Expanded Sanctions on Iran
U.S. Treasury Secretary Scott Bessent announced an expansion of sanctions against Iran on Monday.
The measures increase pressure on countries and companies doing business with Iran by threatening to restrict their access to the U.S. dollar-based financial system.
