Dollar firms as sanctions and bond-buyback plans sway markets

The U.S. dollar strengthened Tuesday as investors assessed expanded sanctions against Iran and efforts to reduce pressure on longer-term Treasury yields. The dollar index rose 0.1% to 99.07, while the euro and yen weakened against the U.S. currency.

Treasury yields remained elevated despite reports that the government could use part of its cash balance to buy back longer-dated bonds. The 10-year yield rose to 4.710%, while the two-year yield held at 4.246%.

Bitcoin climbed above $80,000 for the first time since mid-May, extending its monthly gain to nearly 30% as investors sought protection against currency debasement.

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