Key facts
- The dollar strengthened across the board on Tuesday.
- Rising oil prices boosted Treasury yields.
- Expectations of a Federal Reserve rate hike this week were reinforced.
- U.S. 10-year Treasury yields reached a high not seen since 2007.
The dollar strengthened across the board on Tuesday, driven by rising oil prices that boosted Treasury yields and reinforced expectations of a Federal Reserve rate hike this week. U.S. 10-year Treasury yields reached a high not seen since 2007 as investors prepared for potential rate increases by the Federal Reserve to combat inflation.