US dollar nears two-month high as Treasury yields climb

The US dollar approached a two-month high on Tuesday, buoyed by volatile oil prices and a sharp rise in Treasury yields.

The dollar index, which tracks the greenback against a basket of major currencies, edged up to 101.2 points. It is on track for a 1.8% gain this month, marking its strongest monthly performance since June.

Major currencies against the dollar

The euro traded near a three-month low at $1.1367 after the European Central Bank president signaled a measured approach to curbing inflation in the eurozone.

The British pound held steady at $1.3248, remaining close to its own three-month low.

The Japanese yen slipped slightly to 157.40 per dollar, while the offshore Chinese yuan was little changed at 6.71 per dollar.