Dollar rose in European trade on Tuesday against a basket of major rivals, on track for the first profit in four days as US 10-year treasury yields rebounded, in turn boosting the greenback.
The gains came ahead of a speech by Federal Reserve Chair Jerome Powell in Portugal, which could include clues on the future of the monetary policy.
The Index
The dollar index rose 0.2% today to 106.05, with a session-low at 105.83.
The index closed down 0.1% on Monday on profit-taking off eight-week highs at 106.13.
US Yields
US 10-year treasury yields traded near four-week highs at 4.493%, underpinning the dollar.
US Rates
According to the Fedwatch tool, the odds of a Fed 0.25% interest rate cut stood at 65%, and at 78% for November.
Powell
The developments came ahead of Fed Chair Jerome Powell’s speech later this week in Portugal, which might include clues about the future of US interest rates.
Also later today, data on the JOLTS Job opportunities will be released, expected to show the availability of 7.96 million jobs in May compared to 8.06 million in April.
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