When there is a flight to quality, everyone pours into UST's the USD strengthens because everyone needs the $ before they can buy the UST. As the economy improves, there are these little fluctuations where you see investors move into more risk, UST sell off and the USD declines. The interesting points (at least to me) are when the USD declines and the UST strengthens. Obviously this can happen when the Fed buys securities. But sometimes this has been happening after the Treasury repurchase program ended. Any thoughts?