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U.S. uses euros to buy yen to avoid weaker dollar, strategists say
By Matthew Burgess
Bloomberg News
Sunday, August 2, 2026
The U.S. Treasury may be using euros rather than dollars to fund its yen purchases to avoid weakening its own currency and casting doubt on its strong greenback policy, according to strategists.
At least two major U.S. banks were asked by the New York Federal Reserve to check the rate on the yen against the euro on Friday, two people familiar with the matter told Bloomberg. The New York Fed sold the shared currency to buy yen on behalf of the U.S. Treasury, the Financial Times said last week, citing people with knowledge of the matter.
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"The U.S. probably did not want to be seen selling the U.S. dollar,” said David Forrester, a senior strategist at Credit Agricole CIB in Singapore. "They maintain a strong dollar policy and they would not want to be seen trying to weaken their currency to gain a competitive advantage, which would be counter to the Group-of-20 agreement on foreign exchange." ...
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