The U.S. dollar inched higher on early Tuesday as it was supported by the rise in Treasury yields. The British pound kept stable amidst uncertainties surrounding Brexit talks.
The greenback was marginally up by 0.1 percent against its Japanese counterpart closing at 113.70 yen. The dollar is still behind the eight-month high it notched last Friday. The U.S. dollar index, was flat at 94.499.
The dollar drew strength from the surge in U.S. Treasury yields, which climbed to a nine-year peak yesterday. This helped the dollar maintained its current position vs. its peers.
As to other currencies, the pound went only 0.1 percent higher towards $1.3122. The ongoing political concerns regarding the plans of the British government to leave the EU make it harder for the currency to gain momentum.
Oil prices went lower on Tuesday’s session due to the ongoing geo-political tensions in the Middle East and concerns that OPEC’s output reductions would not be adequate to keep the black gold stable as production in the U.S. was constantly on the rise.
U.S. West Texas Intermediate (WTI) crude futures lost about 4 cents and settled at $56.72 a barrel. International benchmark for oil prices, Brent crude, went 3 cents down and finished the session at $63.13 a barrel.