Dollar Surges to Near Two-Month High on Oil Price Rise
The US dollar has strengthened to near a two-month high on Tuesday as oil prices and Treasury yields rise.
Oil prices have crept back up, with Brent crude futures trading above $107 a barrel, following doubts about the success of renewed efforts to end the Iran war after US President Donald Trump rejected Tehran's ceasefire proposal.
The deepening selloff in US Treasuries has pushed yields to new peaks, with the 10-year benchmark at its highest since 2007 and the 30-year at its highest since 2004.
According to Joseph Capurso, head of foreign exchange at the Commonwealth Bank of Australia, 'I think the US dollar is just going to keep growing a little bit higher.' He attributes this growth to stronger US economic data, which he expects will show that the US economy is exceptional and help push up US interest rates compared to elsewhere.