Dollar Slumps as Yen Strength Outweighs Oil Price Support

The US dollar slipped to its lowest close in two weeks on Tuesday, trading at 98.8. The greenback was pushed lower by persistent yen strength early on, before briefly recovering due to rising oil prices.

Brent crude closed near $98 a barrel, sending the ten-year Treasury yield above 4.80%. However, the dollar quickly gave back those gains.

Rising Treasury yields have failed to lift the dollar, highlighting investors' concern over the US fiscal and policy outlook.