Dollar Strengthens as Euro Dips to 17-Month Low

The US dollar continued its strong upward trend on Tuesday, supported by rising US Treasury yields. The dollar index climbed to 102.16, after reaching an 18-month high in the previous session.

The euro faced further pressure, nearing a 17-month low as political uncertainty and fiscal concerns weighed on the currency. It dropped slightly to $1.1220 in early Asian trading, extending a 1.2% decline from the previous week. Against the British pound, the euro was at 84.83 pence, following a more than 1% loss last week.

In broader markets, the dollar gained strength from elevated US Treasury yields, which hit multi-decade highs overnight. The dollar rose to 157.92 against the yen, while the British pound slipped 0.02% to $1.3222.

The Australian and New Zealand dollars also fell, with the Australian dollar down 0.07% to $0.6967 and the New Zealand dollar easing 0.07% to $0.5596.