Forex
Dollar Surges as US-Iran Tensions Spark Global Bond Selloff
The US dollar strengthened on Tuesday as renewed tensions between the US and Iran fueled inflation worries and sparked a global bond selloff.
Brent crude futures rose above $92 a barrel, while the yield on 10-year Japanese government bonds hit 3% for the first time in 30 years.
The yen weakened past 160 per dollar for the third straight session, breaching a level widely viewed as increasing the risk of intervention by Japanese authorities.
US Treasury Secretary Scott Bessent said he believed Japan's government and central bank would take action to strengthen the yen, putting pressure on the Bank of Japan to raise rates.