Everybody's intervening surreptitiously in the currency markets but would never intervene in gold, would they?
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By Anya Andrianova
Bloomberg News
Wednesday, May 27, 2026
A stronger dollar during the first month of the U.S.-Iran conflict spurred foreign official institutions to sell Treasuries, according to Goldman Sachs.
The U.S. currency is "one of the most meaningful drivers of valuation-adjusted foreign official Treasury demand," Goldman strategist Isabella Rosenberg wrote in a note today. Foreign holdings of Treasuries fell in March from a record high, while the Bloomberg Dollar Spot Index climbed 2.4%, its strongest monthly gain since July.
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The shifts, Rosenberg noted, appear to come as some foreign governments focus on supporting their local currencies and mitigating capital outflows amid the war. It's likely a temporary pattern that isn't indicative of a structural shift in demand for Treasuries, she said. ...
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