The dollar rose on Tuesday to a fresh 20-year high against the Japanese yen and tested a two-year peak against the euro, supported by high U.S. Treasury yields.
The dollar index , which measures the greenback against six other currencies, climbed past 101 for the first time in more than two years. It edged 0.07% lower at 100.74, down 0.1% at 0825 GMT.
The euro recovered some grounds, trading 0.25% higher against the dollar at $1.08095, but stayed just off last week's two-year low of $1.0756. The benchmark U.S. 10-year Treasury yield on Tuesday was just off its three-year high of 2.884% hit on Monday. Yields on 10-year U.S. inflation-linked bonds are within touching distance of turning positive for the first time in two years.
U.S. inflation is "far too high", St. Louis Federal Reserve Bank President James Bullard said on Monday as he repeated his case for increasing interest rates to 3.5% by the end of the year.In the meantime, the BoJ has been intervening to keep the yield on Japanese 10-year government bonds around 0% and no higher than 0.25%.
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