USD Pops, Yen Drops As TsySec Bessent Says “Absolutely Not Intervening”

US Treasury Secretary Scott Bessent told CNBC Sara Eisen this morning that “the US always has a strong dollar policy”.

This statement comes after President Trump’s apparent ‘comfort’ last night with the dollar declining…

When asked if he was worried about losses in the dollar, Trump told reporters in Iowa on Tuesday: “No, I think it’s great.”

Bessent then dropped two more tapebombs…

While stating that “WE DON’T COMMENT ON INTERVENTION SPECULATION”…

Bessent then confirmed that “US IS ‘ABSOLUTELY NOT’ INTERVENING IN DOLLAR-YEN NOW”

This prompted yen weakness, retracing some of the post ‘rate check’ rally…

…and dollar strength…

This move comes minutes after Goldman Sachs Delta-One desk head warned: Near-term, feels dangerous to press dollar downside given how extreme the moves have been.