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The dollar rose to a one-year high as US Treasury yields soared
The dollar rose to a one-year high on Tuesday amid expectations that the US Federal Reserve will announce an easing of its massive bond-buying program next month, while concern about sharp increases in energy prices prompted investors to seek safety in the dollar.
US 2-year Treasury yields jumped to their highest level in more than 18 months as investors sold off US debt in expectation that higher energy prices will drive up inflation and increase pressure on the Federal Reserve to take action sooner than expected.
Investors are waiting for US CPI data due on Wednesday and retail sales figures on Friday for more clues about when the US central bank may begin to scale back its stimulus measures.
The dollar index, which measures the value of the US currency against a basket of six competing currencies, jumped to 94.557, its highest level since September 25, 2020.
