The U.S. dollar strengthens as Fed leadership speculation brings up U.S. yields

Treasury yields recoiled from two-week lows following a report on Monday that Trump was indeed in favor of Stanford economist John Taylor to head the Fed. Taylor is viewed as more hawkish than current chair Janet Yellen.

The dollar index slowly went up 0.05 percent against a basket of six major currencies closing at 93.365 after already rising 0.25 percent overnight. The index fell back to a 17 day low of 92.749 on Friday following the disappointing U.S. inflation data.

Versus its Japanese counterpart, the greenback closed 0.1 percent lower at 112.070 yen following an upsurge of 0.3 percent overnight after pulling away from a three week low of 111.650.

Oil elevated as Iraq conflicts intensifies; Asian stocks preserve their strength

Oil prices climbed to a monthly high on Tuesday following the seizure of the oil rich city of Kirkuk by Iraqi forces from a large autonomous Kurdish fighters. Asian shares maintained their strength on optimism about future earnings.

The Japanese Nikkei kept stable after its winning streak of ten days culminating on Monday. The MSCI’s widest index of Asia-Pacific shares outside Japan went higher by 0.1 percent.

Oil prices stayed near their highest levels in almost three weeks. As Iraqi forces advanced, some 350 000 barrels per day of oil output were briefly shut by Kurdish operators.

U.S. crude listed at $51.78 per barrel, slightly lower compared to Monday’s high of $52. WTI has managed to climb by 6.7 percent from its three week low of $49.10 on Oct. 6.

Brent crude hit $57.84 per barrel, keeping flat after rising up as high as $58.47 on Monday.

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