Dollar Near 99; U.S. Cash Treasuries Closed Today!

U.S. dollar and Treasury activity Friday set the tone heading into a holiday-shortened week. The dollar index hovered near 99 amid muted flows and headlines around U.S.–China trade/tariff developments, while industry guidance confirmed that cash trading in U.S. Treasuries is closed for the Columbus Day/Indigenous Peoples’ Day holiday. Futures may still trade, but investors should rely on last session closes for up-to-date cash yields until markets reopen.

Dollar Index snapshot

The Dollar Index (DXY) traded around the 99 level following a modest intraday swing. With lighter liquidity from holiday closures and headline-driven repositioning, the greenback showed a small net uptick from earlier dips. Short-term moves have been driven more by flows and headline risk than by fresh economic data.

Why the dollar moved

Key drivers included renewed focus on U.S.–China headlines and thinner market participation because of the holiday. When liquidity is thin, even incremental news or large orders can nudge the index. Traders were also rebalancing ahead of the pause in on‑the‑run cash Treasury trading.

U.S. bond market status: cash trading pause

Industry guidance advised that cash trading in U.S. Treasuries and many other fixed-income cash instruments will be closed for the U.S. Columbus Day/Indigenous Peoples’ Day holiday. That means no fresh primary cash Treasury prints or normal interdealer cash activity until the next business day. By contrast, Treasury futures and some electronic venues may remain active, offering price signals but not full cash-market liquidity.

What closed means for investors

• No new on‑the‑run Treasury auctions or conventional cash interdealer prints while the cash market is closed.
• Futures and overseas trading can provide indicative moves, but basis and cash-futures spreads may widen during the pause.
• Corporate and municipal cash issuance and some secondary cash trading are also typically limited around the holiday.

Reference yields to watch

Use the prior cash close as the working benchmark until the cash market reopens. At the most recent close, approximate yields were: 2‑year ~3.53%, 10‑year ~4.05%, 30‑year ~4.63%. These levels are useful reference points but can change once full cash trading resumes.

Practical takeaways for traders and investors

• Expect thinner liquidity and potentially wider bid-ask spreads in cash instruments until normal hours resume.
• Use futures for directional signals, but be cautious about executing large cash positions based solely on futures moves.
• Monitor reopening day for catch-up flows, primary issuance, and any volatility as participants digest weekend headlines and resume trading.